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i. 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 /> 1. 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 /> 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 of the objectives set forth in Section II <br /> and satisfy all the provisions set forth in Section III of this 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 /> 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 rail Y <br /> Amended February 2014 <br /> Page 5of15 NATURE <br />