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Elk River Economic Development <br />Energy Incentive Program <br />Guidelines, Policy & Application <br /> <br />1. Policy Purpose <br /> The City of Elk River Economic Development Authority (EDA) and the City of Elk <br />River (City) maintain a goal to stimulate private sector investment for new job <br />creation and tax base growth. The Energy Incentive Program offers a savings to <br />qualified applicants on their Elk River Municipal Utilities (ERMU) electric bills for <br />up to two years. <br /> <br />2. Eligible Businesses <br />Projects located or proposed to be located within the city limits of the City may be <br />eligible for the program as further defined herein: <br /> Unless otherwise stated, business must be a for-profit corporation, <br />partnership, limited liability company, or sole proprietorship. <br /> Business must be a small business as defined by the Small Business <br />Administration. <br /> Only new construction projects qualify. <br /> Peak electric demand greater than 50kW per month. <br /> Located within eligible ERMU area. <br /> . <br /> The creation of at least 50 new jobs at ≥ $18.00 per hour <br /> Calculated Economic Output of $10 million through Implan software <br />(information provided by Sherburne County) <br /> Project must generate a least $80,000 in total annual property taxes. <br /> Religious, political, and pornographic enterprises are not eligible. <br /> <br />3. Regulation for New Construction <br /> All buildings which public funds will be used for construction are to conform to city <br />code and ordinances and state building codes. <br /> <br />4. Timing of Project Expenses <br /> No project shall commence without city council approval of the application. Any <br />costs incurred prior to the approval of the application are not eligible expenditures. <br /> <br /> No building construction should commence until the required permits are secured. <br /> <br /> The applicant will be responsible for all legal, recording, and other fees payable by a <br />$2,000 processing fee, which is paid at the time of application. In addition to the <br />processing fee, all legal and filing fees shall be paid by the applicant. <br /> <br /> <br /> <br /> <br />2 <br />