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The project shall serve at least two of the following public <br />purposes: <br /> · Creation of jobs with livable wages and benefits. <br /> · Increase of tax base. <br /> · Enhancement or diversification of the city's economic base. <br /> · Industrial development that will spur additional private <br /> investment in the area. <br /> · Fulfillment of the City's Strategic Plan for Economic <br /> Development. <br /> · Removal of blight or the rehabilitation of a high profile or <br /> priority site. <br /> · Additional proposed public purposes deemed appropriate <br /> and acceptable by the City Council. <br /> <br />V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br />All developers/businesses receiving tax increment financing assistance <br />from the City of Elk River shall be subject to the provisions and <br />requirements set forth by state statute 116J.993 and summarized be]ow. <br /> <br />All developers/businesses receiving TIF assistance shall enter into a <br />subsidy agreement with the City of Elk River that identifies: the reason <br />for the subsidy, the public purpose served by the subsidy, and the goals <br />for the subsidy, as well as other criteria set forth by statute 116J.993. <br /> <br />The developer/business shall file a report annually for two years after the <br />date the benefit is received or until all goals set forth in the application <br />and performance agreement have been meet, whichever is later. Reports <br />shall be completed using the format drafted by the State of Minnesota <br />and shall be filed with the City of Elk River no later than March I of each <br />year for the previous calendar year. Businesses fulfilling job creation <br />requirements must file a report to that effect with the city within 30 days <br />of meeting the requirements. <br /> <br />The developer/business owner shall maintain and operate its facility at <br />the site where TIF assistance is used for a period of five years after the <br />benefit is received. <br /> <br />In addition to attaining or exceeding the jobs and wages goals set forth in <br />the Subsidy Agreement, the applicant shall meet the qualifications set <br />forth in Section IV of this document. <br /> <br />Developers / Businesses failing to comply with the above provisions will <br />be subject to fines, repayment requirements, and be deemed ineligible by <br />the State of Minnesota to receive any loans or grants from public entities <br />for a period of five years. <br /> <br />6 <br /> <br /> <br />