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e. 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 /> 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 below. <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 /> 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 1 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 /> 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 /> 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 /> 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 />