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C. Business subsidy assistance will not be provided in circumstances where land and/or <br /> property price is demonstrated by the County Assessor to be in excess of fair market <br /> value. This would normally be where the acquisition price is more than 10%in <br /> excess of market value. <br /> D. A developer must be able to demonstrate to the City, or,if applicable, to the <br /> underwriting authority, a market-demand for a proposed project. <br /> E. Business subsidy assistance will not be used in cases where the subsidy would create <br /> an unfair and significant competitive financial advantage over other similar projects <br /> in the area. <br /> F. Business subsidy assistance will not be used for projects that would place <br /> extraordinary demands on city infrastructure and services. <br /> G. If requested by the City the developer shall provide adequate financial guarantees to <br /> ensure completion of the project,including, but not limited to: minimum assessment <br /> agreements,letters of credit, cash escrows, and personal guaranties. <br /> H. Each developer must be able to demonstrate to the City's satisfaction, an ability to <br /> construct, operate,and maintain the proposed project based on past experience, <br /> general reputation,and credit history. <br /> I. If requested by the City, or its consultants, the developer shall provide sufficient <br /> market, financial, environmental, or other data relative to the successful operation of <br /> the project. <br /> I. Projects receiving business subsidy approval from other affected taxing jurisdictions <br /> will be more favorably received by the City. <br /> V. GUIDELINES FOR COMMERCIAL/INDUSTRIAL BUSINESS <br /> SUBSIDIES <br /> A. Business subsidies may be considered for retail or service businesses if it will <br /> result in satisfying a clear strategic goal of the City, including, but not limited to <br /> substantial increase in tax base and a significant improvement in a redevelopment <br /> project, quality employment, paying at least 175% of the state or federal minimum <br /> wage,whichever is greater. <br /> B. The project must be consistent with the City's Comprehensive Plan,Land Use Plan, <br /> and Zoning Ordinances. <br /> C. The project must result in the retention of existing jobs that would be lost "but for" <br /> the proposed development or result an increase and diversification in local jobs. <br /> Business retention jobs will be considered on a one-for-one match to job creation <br /> City of Elk River Business Subsidy Policy <br /> Amended April 2015 WE REoe rPage 7 of 8 JN" AU <br />