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<br />c.Any developer receiving TIF assistance shall provide a minimum of ten <br />percent (10%) owner cash equity investment in the project. <br /> <br /> <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 /> <br /> <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 /> <br /> <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 /> <br /> <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 /> <br /> <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 /> <br /> <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 /> <br /> <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 /> <br /> <br />k.All TIF proposals shall optimize the private development potential of a site. <br /> <br />VI. <br /> <br />PROJECT QUALIFICATIONS <br />All TIF projects considered by the city of Elk River must meet all of the following <br />requirements: <br /> <br /> <br />a.To be eligible for TIF, a project shall result in: <br /> <br />i.The new construction of a minimum of 25,000 square feet; <br /> <br />ii.A minimum increase of $37,500 per year in property taxes, excluding <br />the state portion; and <br /> <br />iii.Have a market value of at least $1,250,000 upon completion. <br /> <br />one <br /> <br />b.The project shall meet at least or more of the objectives set forth in <br />all <br />Section II and satisfy the provisions set forth in Section III of this <br />document. <br /> <br /> <br />c.The developer shall demonstrate that the project is not financially feasible <br />but-for the use of TIF. <br /> <br /> <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 />City of Elk River Tax Increment Financing Policy & Application <br />Amended March 2017 <br />Page 6 of 15 <br />