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D. A developer must be able to demonstrate to the City, or,if applicable, to the <br /> underwriting authority, a market-demand for a proposed project. <br /> E. Business subsidy assistance will not be used in cases where the subsidy would create <br /> an unfair and significant competitive financial advantage over other similar projects <br /> in the area. <br /> F. Business subsidy assistance will not be used for projects that would place <br /> extraordinary demands on city infrastructure and services. <br /> G. If requested by the City the developer shall provide adequate financial guarantees to <br /> ensure completion of the project,including,but not limited to: minimum assessment <br /> agreements,letters of credit, cash escrows, and personal guaranties. <br /> H. Each developer must be able to demonstrate to the City's satisfaction, an ability to <br /> construct, operate, and maintain the proposed project based on past experience, <br /> general reputation,and credit history. <br /> I. If requested by the City, or its consultants, the developer shall provide sufficient <br /> market, financial, environmental, or other data relative to the successful operation of <br /> the project. <br /> I. Projects receiving business subsidy approval from other affected taxing jurisdictions <br /> will be more favorably received by the City. <br /> V. GUIDELINES FOR COMMERCIAL/INDUSTRIAL BUSINESS <br /> SUBSIDIES <br /> A. Business subsidies will not be used for retail or service businesses unless it is a <br /> redevelopment project. .-. . . -- . ill result in a substantial increase <br /> in tax base and a significant improvement in quality employment. <br /> B. The project must be consistent with the City's Comprehensive Plan,Land Use Plan, <br /> and Zoning Ordinances. <br /> C. The project must result in the retention of existing jobs that would be lost"but for" <br /> the proposed development or result an increase and diversification in local jobs. <br /> Business retention jobs will be considered on a one-for-one match to job creation <br /> only in cases where job loss is specific and demonstrable in accordance with the <br /> Minnesota Business Subsidy Law. <br /> D. Specific wage and job goals will be determined by the City giving consideration to <br /> the particular form of the subsidy,nature of the development, the purpose of the <br /> subsidy,local economic conditions and similar factors. The recipient will have up to <br /> two years from the benefit date,which is the date that the recipient receives the <br /> subsidy, to meet the job and wage goals established by the City. <br /> City of Elk River Business Subsidy Policy 5 <br /> Amended May 2006 February 2014 <br />