Laserfiche WebLink
g. Calculated economic output of $10 million through Implan software <br />(information provided by Sherburne County) <br />h. Project generates a minimum of $80,000 in total annual property taxes <br />i. The project contributes to the fulfillment of the City’s approved and <br />adopted economic development and/or redevelopment plans. <br />j. All other information as required in the application and/or additional <br />information as may be requested by the economic development staff, in <br />its sole discretion. <br /> <br />6. The EDA Finance Committee will recommend the approval, denial, or request a <br />resubmission. A recommendation from the Finance Committee will be <br />forwarded to the EDA for recommendation of approval, denial to the City <br />Council for final action. <br /> <br />6. Policy Review <br /> <br />The above criteria will be reviewed on an annual basis to ensure that the policies <br />reflected in this document are consistent with the economic development goals set <br />forth by the City. <br /> <br />7. Right of Refusal <br />The EDA shall deny any application found inconsistent with the goals of the city’s <br />Comprehensive Plan and Economic Development Strategic Plan and intent, <br />requirement and goals of this policy. The City Council shall have final authority to <br />review the application and will make the final determination as to whether the <br />assistance shall be granted. The EDA and the City reserve the right to approve or <br />reject projects on a case-by-case basis, taking into consideration established policies. <br />Meeting policy criteria does not guarantee the award of assistance to the project. <br />Approval or denial of one project is not intended to set precedent for approval or <br />denial of another project. <br /> <br />8. Compliance with the Minnesota Business Subsidy Law <br /> All developers/businesses receiving financial assistance from the City shall be subject <br />to the provisions and requirements set forth by the City’s Business Subsidy Policy as <br />amended and Minnesota Statutes, Sections 116J.993 to 116J.995 (the “Minnesota <br />Business Subsidy Law”) if applicable, including entering into a business subsidy <br />agreement if necessary. <br /> <br /> <br />9. Compliance with the ERMU Payment in Lieu of Taxes (PILOT) and <br />Other Donations to the City of Elk River Policy <br /> Elk River Municipal Utilities was purchased by the City in 1945 and separate <br />governance was created in 1947. It is typical for a municipal utility to provide a <br />PILOT regardless of the separation of governance. The PILOT is calculated based <br />on eligible electric sales within the City. <br /> <br /> <br /> <br />Page 4 of 12 EDA & City Council Approved January XX, 2019 <br /> <br /> <br />