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experience,general reputation,and credit history,among other factors, <br /> including the size and scope of the proposed project. <br /> i. For the purposes of underwriting the proposal,the developer shall provide <br /> any requested market, financial,environmental,construction plans or other <br /> data requested by the City or its consultants. <br /> j. Tax Abatement proposals shall not be used to support speculative office <br /> projects. Speculative projects are defined as those projects which have pre- <br /> leasing agreements or letters of intent for less than 50%of the available <br /> space. <br /> In addition,leasable office projects must meet the following guidelines: <br /> 1. Evidence of the 50% occupancy must be reported to the Director of <br /> Economic Development six months following an issued Certificate of <br /> Occupancy. <br /> 2. Of the occupants certified at the six month period, 50% of the jobs <br /> must be considered"new"jobs to the City of Elk River,meaning jobs <br /> not located in the City at any time prior to occupying space in the <br /> project. <br /> 3. Business retention jobs will be considered on a one-for-one match to <br /> job creation only in cases where job loss is specific and demonstrable in <br /> accordance with the MN Business Subsidy Law. Evidence may include <br /> documentation that the company will have to close involuntarily,or the <br /> company has received an attractive offer to move to another state or <br /> community. <br /> k. All Tax Abatement proposals shall optimize the private development <br /> potential of a site. <br /> V. PROJECT QUALIFICATIONS <br /> All Tax Abatement projects considered by the City of Elk River must meet each of the <br /> following requirements: <br /> a. The project shall meet at least one of the objectives set forth in Section III of <br /> this document. <br /> b. The use of Tax Abatement will be limited to: <br /> • Industrial development,expansion,redevelopment,or <br /> rehabilitation;or <br /> • Commercial redevelopment or rehabilitation;or <br /> • Research and development facilities that satisfy Business Park <br /> zoning requirements;or <br /> • Office facilities with a minimum new construction of 25,000 <br /> square feet;or <br /> City of Elk River <br /> Tax Abatement Policy <br /> Amended May 2006 - 5- <br />