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In ad&tion, leasible office projects n'mst meet the following guidelines: <br />l. Evidence of the 50 % occupancy must be reported to the Director of <br /> Economic Development slx months following an issued certificate of <br /> occupancy. <br /> o 50,~ of the jobs within the leasible office btfil&ng space must be <br /> considered "new" jobs to the CiU, of Elk River, meaning jobs not <br /> located in fl~e Cit-5, at any time prior to occupying space in the project. <br /> 3. Business retention jobs will be considered on a one-for-one match to <br /> job creadon o~zly in cases ~vhere job loss is specific and demonstral01e in <br /> accordance with the MN Business Subsidy Law. Evidence may include <br /> docun2entation that the company will have to close involuntarily, or the <br /> company has received an attractive offer ~o move to another state or <br /> co rnrn un_iUr. <br /> <br />k. All TRF proposals shall opm~ize the private development potential of a site. <br /> <br />V. PROJECT QUALIFICATIONS <br /> <br />All TRF projects considered by the Ciq, of Elk River must meet each of the follo~vmg <br />requirements: <br /> <br />a. The project shall meet at least one of the objectives set forth in Secdon III of <br /> this document. <br /> <br />b. The use of <br /> <br /> TRF will be lhr~ited to: <br /> Industrial development, expansion, redevelopment, or <br /> rehabilitation; or <br />· Commercial redevelopment or rehabilitation; or <br />· Research and development facilities that sadsfy Business Park <br /> zomng requirements; or <br />· Office facilities with a w2rmTmm new construction of 25,000 <br /> square feet and ~mnimum market value of $1,000,000 upon <br /> project completion; or <br />· Residential development and redevelopment may be eligible for <br /> TRF under a separate set of policies and only with the <br /> recorm'nendation of the HI'La. <br /> <br />The developer shall demonsra:ate that the project is not financially feasible <br />/;,/-for the use of TRF. Evaluation of the project's financial feasibiliry without <br />TI~ shall be provided by the Citw's financial advisor on requests of over <br />$25,000 total. <br /> <br />d. The project shall comply with all provisions set forth in the state's Tax <br /> Abatement Law, statues 4-69.18'12 to 4-69.1815, as amended. <br /> <br />Ciw o f Elk Kiver <br />Ta× l',el :~te I;in:mcmg Polio5. .-\mended .\ugust '3 ~ <br /> <br />-5- <br /> <br /> <br />