5.0. EDSR 06-14-2004 - Laserfiche WebLink

Home Browse Search

DRAFT • (b) The EDA shall review and approve all building and development plans with respect to the Property and shall use reasonable efforts to facilitate approval of the plans by the City of Elk River. 5. Assistance Considerations. (a) "Assistance" means any tax increment or tax abatement assistance, if any, provided by the City or the EDA to Owner or any Buyer of any parcel of the Property, including but not limited to any upfront contribution of land cost, development fees or other expenses and any pay-as-you-go financing. (i) The City or the EDA will consider offering up to 90% of any tax increment or tax abatement to be generated by the parcel; (ii) Any Assistance will be subject to a "look back" provision such that if the return actually generated by the Project is greater than the return estimated in determining the Gap in Section 5(c)(ii)(3) below, the Assistance (to the extent it is based on the Gap) may be discontinued by the City or the EDA, as applicable, or may be subject to repayment in whole or in part upon any future sale of the parcel; (iii) Assistance may be provided in the form of public improvements to be financed by the issuance of bonds by the City or the EDA; (iv) If the City issues improvement bonds pursuant to Minnesota Statutes, Chapters 429 to be paid by special assessments or tax increment or tax abatement bonds for any public improvements for any project, then any tax increments or tax abatements generated by the parcel would be pledged first to payment of principal and interest due on such bonds and second to any assistance to be paid to the Owner or the Buyer; (v) Any Assistance will be subject to a development agreement for each Project and such additional terms as set forth therein. (b) To be eligible for Assistance for any parcel of the Property the Developer shall: (i) sell the parcel in accordance with Section 3(f); (ii) provide an estimate of the square footage and type of the facility to be constructed(the "Project"); (iii) provide an estimate of the assessor's market value for the facility to be constructed; (iv) provide an estimated construction schedule for the facility. • (c) In determining the amount, if any, of Assistance to be provided, the EDA will consider the following factors: 1643057v3 3