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Tax Rebate ?inancmg Policy - Amended <br />July 8, 2002 <br />Page 2 of 2 <br /> <br /> · Applications shall be reviewed by the City's financial advisor for evaluation of <br /> financial feasibility without TRF assistance. The cost of financial review and legal <br /> services will be deducted from the $5,000 application fee. (Section V.c. & Section <br /> VII.A.1.) <br /> <br />A reduction m the requirement for a minimum 20% cash equity investment in the <br />project. A reduction to 10% would be consistent with SBAS04 financing and allow <br />businesses to utilize the benefits of SBA financing in addition to TRF. <br />(Section IV.b.) <br /> <br />All developer/businesses receiving Tax Rebate Financing assistance from the City of <br />Elk River shall be subject to the provisions and requirements set forth by the City's <br />Business Subsidy Criteria and MN Business Subsidy Law (Section VI). <br /> <br />MN Business Subsidy Law requires subsidy grantors to establish a "Business Subsidy <br />Criteria" by May 2003. Staff is preparing the draft City of Elk River Business <br />Subsidy Criteria for review by the EDA and City Council at the August 12, 2002 <br />meeting. A public hearing of the City Council is required prior to adoption of the <br />Business Subsidy Criteria. <br /> <br />Recommendation <br />Consider adoption of the amended Tax Rebate Finance Policy. <br /> <br />S:\EDA~TAXABATE~Elk River Policy History~02amendment.doc <br /> <br /> <br />