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<br />. Residential development and redevelopment may be eligible for <br />Tax Abatement 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 [mancially feasible <br />butfor the use of Tax Abatement. Evaluation of the project's [mancial <br />feasibility without Tax Abatement shall be provided by the City's [mancial <br />advisor on all requests of over $25,000 total public investment. <br /> <br />d. The City will consider the use of Tax Abatement assistance for projects that <br />may not meet the butfor and job creation criteria, but rather would be <br />considered as a "location incentive". These projects may result in other <br />public benefits such as a significant tax base increase, the creation of higher <br />paying jobs (at least twice the minimum hourly rate stated in the City's <br />Business Subsidy Policy), and is likely to assist in the marketing and attraction <br />of additional desired developments. <br /> <br />e. The project shall comply with all provisions set forth in the Minnesota Tax <br />Abatement Law, State Statues 469.1812 to 469.1815, as amended. <br /> <br />f. The project must be consistent with the City's Comprehensive Plan, Land <br />Use Plan, and Zoning Ordinances. <br /> <br />g. The project shall serve at least two of the following public purposes: <br />. Job creation or job retention. <br />. Significantly increase the tax base. <br />. Enhancement or diversification of the city's economic base. <br />. Development or redevelopment that will spur additional private <br />investment in the area. <br />. Fulfillment of defined city objectives, such as those identified in the <br />Economic Development Strategic Plan or the City's Comprehensive <br />Plan, among others. <br />. Removal of blight or the rehabilitation of a high profile or priority site. <br /> <br />VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> <br />All developers/businesses receiving Tax Abatement assistance from the City of Elk <br />River shall be subject to the provisions and requirements set forth by the City's <br />Business Subsidy Policy as amended and attached as Section XI of this document, <br />and Minnesota State Statute 116].993 (the "Minnesota Business Subsidy Law").5 <br />City of Elk River <br />Tax Abatement Policy <br />Amended May 2006 <br /> <br />- 6- <br />