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In addition, leasible office projects must meet the following guidelines: <br />1. 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 />2. 50% of the jobs within the leasible office building space must be <br /> considered "new" jobs to the City of Elk River, meamng jobs not <br /> located in the City 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 creation onlv in cases where job loss is specific and demonstrable in <br /> accordance with the bin Business Subsidy Law. Evidence may include <br /> documentation that the company xvill have to close involuntarily, or the <br /> company has received an attractive offer to move to another state or <br /> community. <br /> <br />k. All TRF proposals shah optimize the private development potential of a site. <br /> <br />V. PROJECT QUALIFICATIONS <br /> <br />All TRF projects considered by the Cit~, of Elk River must meet each of the following <br />requirements: <br /> <br />a. The project shah meet at least one of the objectives set forth in Section III of <br /> this document. <br /> <br />b. The use of <br /> · <br /> <br /> TRF 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 sadsfy Business Park <br /> zoning requirements; or <br />· Office facilities with a mimmum new construction of 25,000 <br /> square feet and mimmum market value of $1,000,000 upon <br /> project completion; or <br />· Residential development and redevelopment maybe eligible for <br /> TR? under a separate set of policies and onty xvith the <br /> recommendation of the <br /> <br />The developer shah demonstrate that the project is not financially feasible <br />bz~-for the use of TRF. Evaluation of the project's fmancial feasibility, without <br />TRF shah be provided by the Ciw, '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 469.1812 to 469.1815, as amended. <br /> <br />Ciw of Elk River <br />Tax Rebate Financing Policy, Amended August 2002 <br /> <br />-5- <br /> <br /> <br />