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IV. PROJECT QUALIFICATIONS <br /> All TIF projects considered by the City of Elk River must meet each of the following <br /> requirements: <br /> a. To be eligible for TIF,a project shall result in: <br /> i. Except with a housing TIF district,Tthe new construction of a <br /> minimum of 25,000 square feet; <br /> ii. A minimum increase of$37,500 per year in property taxes,excluding <br /> the state portion;and <br /> iii. Have a market value of at least$1,250,000 upon completion. <br /> b. The project shall meet at least one of the objectives set forth in Section II <br /> and satisfy all the provisions set forth in Section III of this document. <br /> c. The developer shall demonstrate that the project is not financially feasible <br /> but for the use of TIF. <br /> d. The project shall comply with all provisions set forth in the Tax Increment <br /> Financing Act,Minnesota Statutes 469.124 to 469.134,inclusive,as amended, <br /> and Statutes 469.174 to 469.1794,inclusive,as amended. <br /> e. The project must be consistent with the City's Comprehensive Plan,Land <br /> Use Plan,and Zoning Ordinances. <br /> f. T'k-A non-housing project shall serve at least two of the following public <br /> purposes: <br /> • Creation of jobs with livable wages and benefits. <br /> • Significantly increase the City's tax base. <br /> • Enhancement or diversification of the city's economic base. <br /> • Industrial development that will spur additional private investment in <br /> the area. <br /> • Fulfillment of defined city objectives such as those identified in the <br /> City's Comprehensive Plan and the City's Economic Development <br /> Strategic Plan,among others. <br /> • Removal of blight or the rehabilitation of a high profile or priority <br /> site. <br /> g. A housing12roject shall serve at least two of the following12ublic purposes: <br /> • Enhancement or diversification of the city's housing stock. <br /> • Development that will spur additional private investment in the area. <br /> • Fulfillment of defined city objectives such as those identified in the <br /> City's Comprehensive Plan and the City's Housing and <br /> Redevelopment Strategic Plan,among others. <br /> • Removal of blight or the rehabilitation of a highprofile or priority Formatted:Indent:Left: 1.19",Hanging: <br /> site. 0.31" <br /> Formatted:Level 2,Indent:Left: 1.8", <br /> Hanging: 0.25",Right: 0.48",Font Alignment: <br /> Auto,Tab stops: 0.33",Left+ 2.05",List tab <br /> +Not at 1.5" <br /> City of Elk Rives Tax Increment Financing Policy&Application R N N E Ei E Q 8 Y <br /> Amended Febfuafy 2014 /f; r '�, <br /> Page 8 of 15 /� y <br />