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retention will be considered only in cases where job loss is specific and <br /> demonstrable. <br /> 110 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 /> • <br /> a. The project shall meet at least one of the objectives set forth in Section III of <br /> this document. <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 /> • Office or rResearch and development facilities that satisfy <br /> Business Park zoning requirements; or <br /> a Office facilities with a minimum new construction of 25,000 <br /> square feet and minimum market value of 51,000,000 upon <br /> project completion <br /> i • Residential development and redevelopment may be eligible for <br /> TRF under a separate set of policies and only with the <br /> recommendation of the HRA. <br /> • New commercial or retail development is not eligible for TRF. <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 <br /> without TRF shall be provided by the City's financial advisor. <br /> d. 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 /> • <br /> 5 <br />