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experience, general reputation, and credit history, among other <br />including the size and scope of the proposed project. <br />i.For the purpose of underwriting the proposal, the developer shal <br />any requested market, financial, environmental, construction plans or other <br />data requested by the city or its consultants. <br /> <br />j.Tax Abatement proposals shall not be used to support speculative office <br />projects. Speculative projects are defined as those projects which have pre- <br />leasing agreements or letters of intent for less than 50% of the <br />space. <br /> <br />In addition, leasable office projects must meet the following guidelines: <br />1.Evidence of the 50% occupancy must be reported to the Director o <br />Economic Development six months following an issued Certificate of <br />Occupancy. <br />2.Of the occupants certified at the six month period, 50% of the jobs <br />must be considered new jobs to the city of Elk River, meaning jobs <br />not located in the city at any time prior to occupying space in the <br />project. <br />3.Business retention jobs will be considered on a one-for-one match to <br />job creation only in cases where job loss is specific and demons <br />accordance with the MinnesotaBusiness Subsidy Law. Evidence may <br />include documentation that the company will have to close involuntarily, <br />or the company has received an attractive offer to move to anoth <br />or community. <br /> <br />k.All Tax Abatement proposals shall optimize the private development <br />potential of a site. <br />V. PROJECT QUALIFICATIONS <br /> <br />each <br />All Tax Abatement projects considered by the city of Elk River must meet of the <br />: <br />following requirements <br /> <br />a.The project shall meet at least one of the objectives set forth in Section III of <br />this document. <br />b.The use of Tax Abatementwill be limited to: <br />Industrial development, expansion, redevelopment, or <br />rehabilitation; or <br />Commercial redevelopment or rehabilitation; or <br />Research and development facilities that satisfy Business Park <br />zoning requirements; or <br />Office facilities with a minimum new construction of 25,000 <br />square feet; or <br /> <br />c.The developer shall demonstrate that the project is not financia <br />but-for the use of Tax Abatement. Evaluation of the projects financial <br />feasibility without Tax Abatement shall be provided by the citys financial <br />Page 5 of 15 <br />