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<br /> <br /> <br />To facilitate the development process and to achieve development on sites <br />which would not be developed without Tax Abatement assistance. <br /> <br /> <br /> <br />To remove blight and/or encourage redevelopment of commercial and <br />industrial areas in the city that result in high quality redevelopment and private <br />reinvestment. <br /> <br /> <br /> <br />To offset increased costs of redevelopment (i.e. contaminated site clean <br />upclean-up) over and above the costs normally incurred in development. <br /> <br /> <br />. <br /> <br />To create opportunities for affordable housing <br /> <br /> <br /> <br />To contribute to the implementation of other public policies, as adopted by the <br />city from time to time, such as the promotion of quality urban or architectural <br />design, energy conservation, and decreasing capital and/or operating costs of <br />. <br />local government <br /> <br /> <br /> <br />To significantly increase the City of Elk River’s tax base. <br /> <br />IV. POLICIES FOR THE USE OF TAX ABATEMENT <br /> <br /> <br />a.Tax Abatement assistance will generally be provided to the developer upon <br />receipt of taxes by the City, otherwise referred to as the pay-as-you-go method. <br />Requests for up front financing will be considered on a case-by-case basis. <br /> <br /> <br />b.Any developer receiving Tax Abatement assistance shall provide a minimum <br />of ten percent (10%) owner cash equity investment in the project. <br /> <br /> <br />c.Tax Abatement will not be used in circumstances where land and/or <br />property price is in excess of fair market value. <br /> <br /> <br />d.Developer shall be able to demonstrate a market demand for a proposed <br />project. <br /> <br /> <br />e.Tax Abatement will not be utilized in cases where it would create an unfair <br />and significant competitive financial advantage over other projects in the <br />area. <br /> <br /> <br />f.Tax Abatement shall not be used for projects that would place extraordinary <br />demands on city services or for projects that would generate significant <br />environmental impacts. <br /> <br /> <br />g.The developer must provide adequate financial guarantees to ensure <br />completion of the project, including, but not limited to: minimum assessment <br />agreements, letters of credit, personal guaranties, and etceteraetc.. <br /> <br /> <br />h.The developer shall adequately demonstrate, to the City’s sole satisfaction, an <br />ability to complete the proposed project based on past development <br />Page 4 of 15 <br /> <br /> <br />