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Tax Rebate Financing Policy—Amended <br /> August 19,2002 <br /> Page 2 of 2 <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. (Section IV.j.) <br /> • Office facilities remain eligible for TRF but with the minimum requirements of <br /> 25,000 square feet new construction and result in a minimum market value of <br /> $1,000,000 upon project completion. (SectionV.b.) <br /> • 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 TRF <br /> shall be provided by the City's financial advisor on requests of over$25,000 total. <br /> The cost of financial review and legal services will be deducted from the $5,000 <br /> application fee. (Section V.c. &Section VII.A.1.) <br /> • An Itemized Project Construction Statement is among the list of required application <br /> documentation. (Section VIII.E.j.) <br /> • Recommendation <br /> Consider adoption of the Tax Rebate Finance Policy as amended. <br /> i <br /> S:\EDA\TAXABATE\Elk River Policy History\02amendment2.doc <br />