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bt <br /> <br />TIF will not be utilized in cases where it would create an unfair <br />and significant competitive financial advantage over other <br />projects in the area. <br /> <br />TIF shall not be used for projects that would place extraordinary <br />demands on city services or for projects that would generate <br />significant environmental impacts. <br /> <br />The developer must provide adequate financial guarantees to <br />ensure completion of the project, including, but not limited to: <br />assessment agreements, letters of credit, personal guaranties, <br />etcetera. <br /> <br />The developer shall adequately demonstrate, to the City's sole <br />satisfaction, an ability to complete the proposed project based on <br />past development experience, general reputation, and credit <br />history, among other factors, including the size and scope of the <br />proposed project. <br /> <br />For the purposes of underwriting the proposal, the developer <br />shall provide any requested market, financial, environmental, or <br />other data requested by the City or its consultants. <br /> <br />IV. PROJECT QUALIFICATIONS <br /> <br />All TIF projects considered by the City of Elk River must meet each of the <br />following requirements: <br /> <br />To be eligible for TIF, a project shall result in: <br /> i. The new construction of a minimum of 25,000 square feet; <br /> ii. A minimum increase of $25,000 per year in property <br /> taxes; and, <br /> iii. Have a market value of at least $1,000,000 upon <br /> completion. <br /> <br />bo <br /> <br />The project shall meet at least one of the objectives set forth in <br />Section II and satisfy all the provisions set forth in Section III of <br />this document. <br /> <br />c. The developer shall demonstrate that the project is not <br /> financially feasible but-for the use of TIF. <br /> <br />d. The project must be consistent with the City's Comprehensive <br /> Plan, Land Use Plan, and Zoning Ordinances. <br /> <br /> <br />