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value. This would normally be where the acquisition price is more than 10% in <br /> excess of market value. <br /> D. A developer must be able to demonstrate to the City, or, if applicable, to the <br /> underwriting authority, a market-demand for a proposed project. <br /> E. Business subsidy assistance will not be used in cases where the subsidy would create <br /> an unfair and significant competitive financial advantage over other similar projects <br /> in the area. <br /> F. Business subsidy assistance will not be used for projects that would place <br /> extraordinary demands on city infrastructure and services. <br /> G. If requested by the City the developer shall provide adequate financial guarantees to <br /> ensure completion of the project, including, but not limited to: minimum assessment <br /> agreements, letters of credit, cash escrows, and personal guaranties. <br /> H. Each developer must be able to demonstrate to the City's satisfaction, an ability to <br /> construct, operate, and maintain the proposed project based on past experience, <br /> general reputation, and credit history. <br /> L If requested by the City, or its consultants, the developer shall provide sufficient <br /> market, financial, environmental, or other data relative to the successful operation of <br /> the project. <br /> I. Projects receiving business subsidy approval from other affected taxing jurisdictions <br /> will be more favorably received by the City. <br /> V. GUIDELINES FOR COMMERCIAL/INDUSTRIAL BUSINESS <br /> SUBSIDIES <br /> ,,V.--A. Business subsidies may be considered for retail or service businesses if it will <br /> result in satisfying a clear strategic goal of the City, including, but not limited to <br /> substantial increase in tax base and a significant improvement in a redevelopment <br /> project, quality employment, paying at least % of the state or federal <br /> minimum wage,whichever is greater.Business subsidies will not be__sea f6 f fetal Of <br /> B. The project must be consistent with the City's Comprehensive Plan, Land Use Plan, <br /> and Zoning Ordinances. <br /> C. The project must result in the retention of existing jobs that would be lost "but for" <br /> the proposed development or result an increase and diversification in local jobs. <br /> Business retention jobs will be considered on a one-for-one match to job creation <br /> only in cases where job loss is specific and demonstrable in accordance with the <br /> Minnesota Business Subsidy Law. <br /> City of Elk River Business Subsidy Policy <br /> Amended Aril 2015 P 0 W E R E 0 0 r <br /> Page 6of8 INAWR • <br />