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value. This would normally be where the acquisition price is more than 10% in <br />excess of market value. <br /> <br /> <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 /> <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 /> <br /> <br />F.Business subsidy assistance will not be used for projects that would place <br />extraordinary demands on city infrastructure and services. <br /> <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 /> <br /> <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 /> <br />I. 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 /> <br /> <br />I.Projects receiving business subsidy approval from other affected taxing jurisdictions <br />will be more favorably received by the City. <br /> <br /> <br />V. GUIDELINES FOR COMMERCIAL/INDUSTRIAL BUSINESS <br /> SUBSIDIES <br /> <br /> <br /> <br />Business subsidies may be considered for retail or service businesses if it will <br />A.A. <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 <br />_____% of the state or federal <br />minimum wage, whichever is greater.Business subsidies will not be used for retail or <br />service businesses unless it is a redevelopment project. <br /> <br /> <br />B.The project must be consistent with the City’s Comprehensive Plan, Land Use Plan, <br />and Zoning Ordinances. <br /> <br /> <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 February 2014April 2015 <br />Page 6 of 8 <br /> <br />