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history, among other factors, including the size and scope of the <br /> proposed project. <br /> • k. 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 /> V. PROJECT QUALIFICATIONS <br /> A. General Qualifications <br /> All TIF projects considered by the City of Elk River must meet each of the <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. <br /> iii. Have a market value of at least $1,000,000 upon <br /> completion. <br /> b. The project shall meet at least two of the objectives set forth in <br /> section II of 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 Ordinance. <br /> e. The project shall serve at least one of the following public <br /> purposes: <br /> • Job creation <br /> • Industrial development that will spawn additional private <br /> investment in the area. <br /> • Fulfillment of the City's Strategic Plan for Economic <br /> Development. <br /> • Removal of blight or the rehabilitation of a high profile or <br /> priority site. <br /> • <br /> 5 <br />