Laserfiche WebLink
PR OPOSED <br />11/2 5/02 <br /> <br />Ho <br /> <br />If requested by the City, the developer shah provide adequate financial guarantees to <br />ensure completion of the project, including, but not limited to: assessment <br />agreements, letters of credit, cash escrows, and personal guaranties. <br /> <br />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 /> <br />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 /> <br />Projects receiving business subsidy approval from other affected taxing jurisdictions <br />will be more favorably received by the City. <br /> <br />V0 <br /> <br />GUIDELINES FOR COMMERCIAL/INDUSTRIAL BUSINESS <br />SUBSIDIES <br /> <br />Business subsidies ~vill not be used for on-site retail or service businesses unless it is <br />a redevelopment project that demonstrates that it will result in a substantial increase <br />in tax base and a significant improvement in quality employment. <br /> <br />The project must be consistent with the City's Comprehensive Plan, Land Use Plan, <br />and Zoning Ordinances. <br /> <br />The project must result in the retention of existing jobs that ~vould 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 />only in cases where job loss is specific and demonstrable in accordance with the MN <br />Business Subsidy Law. <br /> <br />Specific ~vage and job goals will be determined by the City gwing consideration to <br />the particular form of the subsidy, nature of the development, the purpose of the <br />subsidy, local economic conditions and similar factors. The recipient will have up to <br />two years to meet the job and wage goals established by the City. The minimum <br />wage for a job to be considered a new or retained job shah be $15.00 per hour <br />exclusive of benefits. Deviations less than the wage floor will be considered on a <br />case-by-case basis and in accordance with the requizements of the MN Business <br />Subsidy Law. <br /> <br />Business subsidies will not be used for commercial/industrial projects that have a <br />history of inconsistent compliance with applicable environmental rules and <br />regulations. <br /> <br />City of Elk River Business Subsidies Policy 3 <br /> <br /> <br />