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PROPOSED <br /> 11/25/02 <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: 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 /> 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 /> J. 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 /> A. Business subsidies will not be used for on-site retail or service businesses unless it is <br /> a redevelopment project that demonstrates that it will result in a substantial increase <br /> • in tax base and a significant improvement in quality employment. <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 MN <br /> Business Subsidy Law. <br /> D. Specific wage and job goals will be determined by the City giving consideration to <br /> the particular form of the subsidy, nature of the development, the purpose of the <br /> subsidy,local economic conditions and similar factors. The recipient will have up to <br /> two years to meet the job and wage goals established by the City. The minimum <br /> wage for a job to be considered a new or retained job shall be $15.00 per hour <br /> exclusive of benefits. Deviations less than the wage floor will be considered on a <br /> case-by-case basis and in accordance with the requirements of the MN Business <br /> Subsidy Law. <br /> E. Business subsidies will not be used for commercial/industrial projects that have a <br /> history of inconsistent compliance with applicable environmental rules and <br /> regulations. <br /> City of Elk River Business Subsidies Policy 3 <br />