4.1. EDSR 02-23-2016 - Laserfiche WebLink

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c. The developer shall demonstrate that the project is not financially feasible but:*the use of Tax Abatement. Evaluation of the project's financial feasibility without Tax Abatement shall be provided by the City's financial advisor on all requests of over S25,000 total public investment. d The City will consider the use of Tax Abatement assistance for projects that may not meet the bid*and job creation critena, hut rather would be considered as a "location incentive". These projects may result in other public benefits such as a significant tax base increase, the creation of higher paying jobs (at least twice the minimum hourly rate stated in the City's Business Subsidy Policy), and is likely to assist in the marketing and attraction of additional desired developments. e. The project shall comply with all provisions set forth in the Minnesota Tax Abatement Law,Minnesota gfit•ie Statutes 469.1812 to 469.1815,as amended. I The project must be consistent with the City's Comprehensive Plan,Land llse Plan,arid Zoning Ordinances. g. The project shall serve at least two of the following public purposes: • job creation or job retention. • Significantly increase the tax base. • Enhancement or diversification of the city's economic base. • Development or redevelopment that will spur additional private investment in the arca, • Fulfillment of defined city objectives,such as those identified in the Economic Development Strategic Plan or the City's Comprehensive Plan, among others. • Removal of blight or the rehabilitation of a high profile or priority site. VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS All developers/businesses receiving Tax Abatement assistance from the City of Elk River shall be subject to the provisions and requirements set forth by the City's Business Subsidy Policy,and Minnesota Statutes Sections 1161993 to 1163,995 (the "Minnesota Business Subsidy Law"). Paw:6 4 14 .111E1810t NATURE