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impacts. <br /> <br /> <br />j.i.The developer must provide adequate financial guarantees to ensure <br />completion of the project, including, but not limited to: minimum assessment <br />agreements, letters of credit, personal guaranties, etc. <br /> <br /> <br />k.j.The developer shall adequately demonstrate, to the City’s sole satisfaction, an <br />ability to complete the proposed project based on past development <br />experience, general reputation, and credit history, among other factors, <br />including the size and scope of the proposed project. <br /> <br /> <br />l.k.For the purposes of underwriting the proposal, the developer shall provide <br />any requested market, financial, environmental, or other data requested by <br />the City or its consultants. <br /> <br /> <br />m.l.All TIF proposals shall optimize the private development potential of a site. <br /> <br /> <br />IV.PROJECT QUALIFICATIONS <br /> <br />each <br />All Housing TIF projects considered by the City of Elk River must meet of the <br />following requirements: <br /> <br /> <br />a.To be eligible for TIF, a project shall result in: <br /> <br />i.The new construction of a minimum of 25,000 square feet; <br /> <br />ii.i.A minimum increase of $37,500 per year in property taxes, excluding <br />the state portion; and <br /> <br />iii.ii.Have a market value of at least $1,250,000 upon completion. <br /> <br />one <br /> <br />b.The project shall meet at least of the objectives set forth in Section II <br />all <br />and satisfy the provisions set forth in Section III of this document. <br /> <br /> <br />c.The developer shall demonstrate that the project is not financially feasible <br />but-for the use of TIF. <br /> <br /> <br />d.The project shall comply with all provisions set forth in the Tax Increment <br />Financing Act, Minnesota Statutes 469.124 to 469.134, inclusive, as amended, <br />and Statutes 469.174 to 469.1794, inclusive, as amended. <br /> <br /> <br />e.The project must be consistent with the City’s Comprehensive Plan, Land <br />Use Plan, and Zoning Ordinances. <br /> <br />two <br /> <br />f.The project shall serve at least of the following public purposes: <br /> <br /> <br />Creation of jobs with livable wages and benefits. <br /> <br /> <br />Significantly increase the City’s tax base. <br /> <br /> <br />Enhancement or diversification of the city’s economic basehousing stock. <br /> <br /> <br />Industrial dDevelopment that will spur additional private investment <br />in the area. <br /> <br /> <br />Fulfillment of defined city objectives such as those identified in the <br />City’s Comprehensive Plan and the City’s Economic Development <br />City of Elk River Tax Increment Financing Policy & Application- Housing <br />Amended April 8 2015 <br />Page 5 of 14 <br /> <br />