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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 />j. 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 />k. 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 />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 />m. All TIF proposals shall optimize the private development potential of a site. <br />IV. PROJECT QUALIFICATIONS <br />All TIF projects considered by the City of Elk River must meet each of the following <br />requirements: <br />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 of the objectives set forth in Section II <br />and satisfy all the provisions set forth in Section III of this document. <br />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. The project shall serve at least two of the following public 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 />City of Elk River Tax Increment Financing Policy & Application P 0 W E D E D D Y <br />Amended February 2014 }� /� U®E <br />Page 5 of 15 A V /y {� <br />