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percent (10%) owner cash equity investment in the project. <br /> d. TIF will not be used to purchase property where land and/or property price <br /> is in excess of fair market value. <br /> e. Developer shall be able to demonstrate a market demand for a proposed <br /> project. TIF shall not be used to support purely speculative projects. <br /> f. TIF will not be utilized in cases where it would create an unfair and <br /> significant competitive financial advantage over other projects in the area. <br /> g. TIF shall not be used for projects that would place extraordinary demands <br /> on city services or for projects that would generate significant environmental <br /> impacts. <br /> h. 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, etc. <br /> i. The developer shall adequately demonstrate,to the city's sole satisfaction, an <br /> ability to complete the proposed project based on past development <br /> experience,general reputation, and credit history,among other factors, <br /> including the size and scope of the proposed project. <br /> j. For the purposes of underwriting the proposal, the developer shall provide <br /> any requested market, financial, environmental, or other data requested by <br /> the city or its consultants. <br /> k. All TIF proposals shall optimize the private development potential of a site. <br /> VI. PROJECT QUALIFICATIONS <br /> All TIF projects considered by the city of Elk River must meet all of the following <br /> 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$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 or more-of the objectives set forth in <br /> Section II and satisfy all the provisions set forth in Section III of this <br /> 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 /> City of Elk River Tax Increment Financing Policy&Application P 0 N E B E 0 B T <br /> Amended March 2017 <br /> Page 6 of 15 INAT- UREI <br />