2.1. EDSR 03-18-2019 - Laserfiche WebLink

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9. Compliance with the ERMU Payment in Lieu of Taxes (PILOT) and Other Donations to the City of Elk River Policy Elk River Municipal Utilities was purchased by the City in 1945 and separate governance was created in 1947. It is typical for a municipal utility to provide a PILOT regardless of the separation of governance. The PILOT is calculated based on eligible electric sales within the City. Formatted: Indent: Left: -0.5", Space After: 6 pt, Line spacing: single As an economic development incentive option, the City agrees to waive the applicable PILOT for an approved applicant and redirect that amount as a credit distributed through the applicant’s monthly ERMU electric service bill for up to two years. The amount of the Formatted: Level 1, Indent: Left: -0.5", incentive shall be determined by ERMU in its sole discretion in consultation with the City. Hanging: 0.5", Space After: 6 pt, Keep with next For the applicant to be eligible for this incentive, the business must be located within an area of the ERMU electric service territory in which the electric sales are included in the calculation for the PILOT to the City. And for the applicant to be eligible, the project must meet all other applicable prevision of the ERMU PILOT policy; the City must be eligible to receive PILOT for the location to be able to waive PILOT for the project. 109. Form of Assistance; Repayment The incentive will be provided over a period of two (2) years starting after the City issues a cCertificate of oOccupancy (CO) for the project. If the business owner fails to create the number of jobs as set forth in its application within two (2) years of the issuance of a certificate of occupancyCO, the business may be required to repay the amount of assistance provided if required by applicable law. 11. Agreement to Pay Costs of Review City and EDA policy requires applicants to pay all costs incurred by the Ccity to review and act upon applications so that these costs are not borne by the taxpayers. These cCosts include all of the city’s out-of-pocket costs for expenses, including the City’s and the EDA’s costs for review of the application by the City/’s and EDA’s financial advisor, attorney, other consultants, recording fees, and necessary publication costs. The application processing fees cover anticipated costs; costs incurred above the application fee will be invoiced as they are incurred and payment will be due within thirty (30) days. Any unused portion of the application fee will be returned to the applicant. If payment is not received as required by this agreement, the cCity may suspend the application review process and may deny the application for failure to Formatted: Indent: Left: 0" 6 Formatted: Level 1, Indent: Left: 0", Line spacing: 1.5 lines, Keep with next Formatted: Level 1, Indent: Left: 0", First line: 0", Line spacing: 1.5 lines, Keep with next