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e. The project must be consistent ~vith due City's Comprehensive Plan, Land <br /> Use Plan, and Zoning Ordinances. <br /> <br />The project shall serve at least two of the following public pm'poses: <br /> · Job creation or job retention. <br /> · Increase of tax base. <br /> · Enhancement or diversification of due ciw's economic base. <br /> · Development or redevelopment that will spur additional private <br /> invesnTmnt in the area. <br /> <br /> · Fulfflh22ent of defined city ob}ecdves, such as those identified in the <br /> Strategic Plan for Econotmc Development or the ciw's Comprehensive <br /> Pla=, among others. <br /> · Removal of blight or the rehabriitadon of a high profrie or priority site. <br /> <br />VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> ~11 developers/businesses receiving Tax Rebate Financing assistance from the City <br /> of Elk River shall be subiect to the provisions and requirements set forth by the <br /> Cit3?s Business Subsidy Criteria as adopted, and State Statute 116.1.993 as <br /> summarized below. <br /> <br />All developers/businesses receiving TRF assistance shah enter into a Subsidy <br />Agreement with die City of Elk River that identifies: due reason fl0r the subsidy, the <br />public purpose served by the subsidy, and due goals for the subsidy, as xveli as other <br />subsidy agreement criteria set forth by Statute 116.J.993. <br /> <br />The developer/business shall file a report annually for two years after the date the <br />benefit is received or until all goals set forfl~ in the application and Subsidy <br />Agreement have been met, whichever is later. Reports shall be cornpleted using the <br />format drafted by the State of Minnesota and shah be fried with the City of Elk <br />R/ver no later than March 1 of each year for the previous calendar year. Businesses <br />fulfaling job creation requirements must file a report to that effect with the city <br />within 30 days of meedng the requk'ements. <br /> <br />The develOper/business oxvner shall maintain and operate its facility at flue site <br />where TRF assistance is used for a period of five years after the benefit is received. <br /> <br />In addition to attain_lng or exceeding.the jobs and xvages goals set forth in the <br />Subsidy Agreement, the borrower shall achieve at least one of the objectives set <br />forth in Section III of this document. <br /> <br />Developers / Businesses failing to comply With the above provisions will be subject <br />to times, repayment requirements, terO'Unadon of the assistance, and be deemed <br />ineligible by the State to receive any loans or grants from public entities for a period <br />of five years. <br /> <br />Ciu, o£ Elk Raver <br />Tax Rebate [~inancm,'4. P~)licv. _Mncndcd \ugust 211112 <br /> <br />-6- <br /> <br /> <br />