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h. TIF will not be utilized in cases where it would create an unfair <br /> and significant competitive financial advantage over other <br /> projects in the area. <br /> • <br /> i. TIF shall not be used for projects that would place extraordinary <br /> demands on city services or for projects that would generate <br /> significant environmental impacts. <br /> j. The developer must provide adequate financial guarantees to <br /> ensure completion of the project, including, but not limited to: <br /> assessment agreements, letters of credit, personal guaranties, <br /> etcetera. <br /> k. The developer shall adequately demonstrate, to the City's sole <br /> satisfaction, an ability to complete the proposed project based on <br /> past development experience, general reputation, and credit <br /> history, among other factors, including the size and scope of the <br /> proposed project. <br /> 1. For the purposes of underwriting the proposal, the developer <br /> shall provide any requested market, financial, environmental, or <br /> other data requested by the City or its consultants. <br /> IV. PROJECT QUALIFICATIONS <br /> 410 All TIFro'ects considered bythe City of Elk River must meet each of the <br /> P J <br /> following requirements: <br /> a. To be eligible for TIF, a project shall result in: <br /> i. The new construction of a minimum of 25,000 square feet; <br /> ii. A minimum increase of$25,000 per year in property <br /> taxes; and, <br /> iii. Have a market value of at least $1,000,000 upon <br /> completion. <br /> b. The project shall meet at least one of the objectives set forth in <br /> Section II and satisfy all the provisions set forth in Section III of <br /> this document. <br /> c. The developer shall demonstrate that the project is not <br /> financially feasible but-for the use of TIF. <br /> d. The project must be consistent with the City's Comprehensive <br /> Plan, Land Use Plan, and Zoning Ordinances. <br /> 411 <br /> 5 <br />