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<br />In addition, leasible office projects must meet the following guidelines: <br />1. Evidence of the 50% occupancy must be reported to the Director of <br />Economic Development six months following an issued certificate of <br />occupancy. <br />2. 50% of the jobs within the leasible office building space must be <br />considered "new" jobs to the City of Elk River, meaning jobs not <br />located in the City at any time prior to occupying space in the project. <br />3. Business retention jobs will be considered on a one-for-one match to <br />job creation only in cases where job loss is specific and demonstrable in <br />accordance with the MN Business Subsidy Law. Evidence may include <br />documentation that the company will have to close involuntarily, or the <br />company has received an attractive offer to move to another state or <br />community. <br /> <br />k. All TRF proposals shall optimize the private development potential of a site. <br /> <br />v. PROJECT QUALIFICATIONS <br /> <br />All TRF projects considered by the City of Elk River must meet each of the following <br />requirements: <br /> <br />a. The project shall meet at least one of the objectives set forth in Section III of <br />this document. <br /> <br />b. The use of TRF will be limited to: <br />. Industrial development, expansion, redevelopment, or <br />rehabilitation; or <br />. Commercial redevelopment or rehabilitation; or <br />. Research and development facilities that satisfy Business Park <br />zoning requirements; or <br />. Office facilities with a minimum new construction of 25,000 <br />square feet and minimum market value of $1,000,000 upon <br />project completion; or <br />. Residential development and redevelopment may be eligible for <br />TRF under a separate set of policies and only with the <br />recommendation of the HRA. <br /> <br />c. The developer shall demonstrate that the project is not financially feasible <br />butfor the use of TRF. Evaluation of the project's financial feasibility without <br />TRF shall be provided by the City's financial advisor on requests of over <br />$25,000 total. <br /> <br />d. The project shall comply with all provisions set forth in the state's <br />Tax Abatement Law, statues 469.1812 to 469.1815, as amended. <br /> <br />City of Elk River <br /> <br />Tax Rebate Financing Policy, Amended August 2002 <br /> <br />- 5 - <br />