5.4. SR 04-12-2004 - Laserfiche WebLink

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e. The project must be consistent with the City's Comprehensive Plan, Land Use Plan, and Zoning Ordinances. The project shall serve at least t~vo of the folloxving public purposes:· Job creation or job retention. · Increase of tax base. · Enhancement or diversification of the city's economic base. · Development or redevelopment that xvill spur additional private investment in the area. · Fulfillment of defined ciw objectives, such as those identified in the Strategic Plan for Economic Development or the city's Comprehensive Plan, among others. · Removal of blight or the rehabilitation of a high profile or priority site. VI. SUBSIDY AGREEMENT & REPORTING REQUIRPIENTS All developers/businesses receiving Tax Rebate Financing assistance from the City of Elk River shall be subject to the provisions and requirements set forth by the City's Business Subsidy Criteria as adopted, and State Statute 116j.993 as summarized belo~v. AH developers/businesses receiving TRF assistance shah enter into a Subsidy Agreement with the City of Elk River that identifies: the reason for the subsidy, the public purpose served by the subsidy, and the goals for the subsidy, as xveLl as other subsidy agreement criteria set forth by Statute 116J.993. The developer/business shall file a report annually for t~vo years after the date the benefit is received or until all goals set forth in the application and Subsidy Agreement have been met, ~vhichever is later. Reports shah be completed using the format drafted by the State of Minnesota and shall be filed ~vith the City of Elk River no later than March 1 of each year for the previous calendar year. Businesses fulfilling job creation requirements must file a report to that effect with the ciD' ~vithin 30 days of meeting the requirements. The developer/business owner shall maintain and operate its facility at the site where TRF assistance is used for a period of five years after the benefit is received. In addition to attaining or exceeding the jobs and wages goals set forth in the Subsidy Agreement, the borrower shall achieve at least one of the objectives set forth in Section III of this document. Developers / Businesses failing to comply with the above provisions will be subject to frees, repayment requirements, termination of the assistance, and be deemed ineligible by the State to receive anv loans or grants from public endties for a period of five years. Ciw of Elk R/vet Tax Rebate Financing Policy, Amended August 2002 -6-