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In addition,leasible office projects must meet the following guidelines: <br /> 1. Evidence of the 50% occupancy must be reported to the Director of <br /> Economic Development six months following an issued certificate of <br /> occupancy. <br /> 2. 50% of the jobs within the leasible office building space must be <br /> considered "new"jobs to the City of Elk River,meaning jobs not <br /> located in the City at any time prior to occupying space in the project. <br /> 3. Business retention jobs will be considered on a one-for-one match to <br /> job creation only in cases where job loss is specific and demonstrable in <br /> accordance with the MN Business Subsidy Law. Evidence may include <br /> documentation that the company will have to close involuntarily, or the <br /> company has received an attractive offer to move to another state or <br /> community. <br /> k. All TRF proposals shall optimize the private development potential of a site. <br /> V. PROJECT QUALIFICATIONS <br /> All TRF projects considered by the City of Elk River must meet each of the following <br /> requirements: <br /> a. The project shall meet at least one of the objectives set forth in Section III of <br /> this document. <br /> • <br /> b. The use of TRF will be limited to: <br /> • Industrial development, expansion,redevelopment, or <br /> rehabilitation; or <br /> • Commercial redevelopment or rehabilitation; or <br /> • Research and development facilities that satisfy Business Park <br /> zoning requirements; or <br /> • Office facilities with a minimum new construction of 25,000 <br /> square feet and minimum market value of$1,000,000 upon <br /> project completion; or <br /> • Residential development and redevelopment maybe eligible for <br /> TRF under a separate set of policies and only with the <br /> recommendation of the HRA. <br /> c. The developer shall demonstrate that the project is not financially feasible <br /> but for the use of TRF. Evaluation of the project's financial feasibility without <br /> TRF shall be provided by the City's financial advisor on requests of over <br /> $25,000 total. <br /> d. The project shall comply with all provisions set forth in the state's Tax <br /> Abatement Law, statues 469.1812 to 469.1815, as amended. <br /> City of Elk River <br /> Tax Rebate Financing Policy,Amended August 2002 - 5 - <br />