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ho <br /> <br />The developer shall adequately demonstrate, to the City's sole <br />satisfaction, an ability to complete the proposed project based on <br />past development experience, general reputation, and credit <br />history, among other factors, including the size and scope of the <br />proposed project. <br /> <br />For the purposes of underwriting the proposal, the developer <br />shall provide any requested market, financial, environmental, or <br />other data requested by the City or its consultants. <br /> <br />V. PROJECT QUALIFICATIONS <br /> <br />All TRF projects considered by the City of Elk River must meet each of <br />the following requirements: <br /> <br />a. The project shall meet at least one of the objectives set forth in <br /> Section III of this document. <br /> <br />bo <br /> <br />The use of TRF will be limited to: <br /> · Industrial development, expansion, redevelopment, or <br /> rehabilitation; or <br /> · Commercial redevelopment or rehabilitation; or <br /> · Office or research facilities that satisfy Business Park <br /> zoning requirements; <br /> · Residential development and redevelopment may be <br /> eligible for TRF under a separate set of policies and only <br /> with the recommendation of the HRA. <br /> · New commercial or retail development is not eligible for <br /> TRF. <br /> <br />c. The developer shall demonstrate that the project is not <br /> financially feasible but-for the use of TRF. <br /> <br />do <br /> <br />The project shall comply with all provisions set forth in the <br />state's Tax Abatement Law, statues 469.1812 to 469.1815, as <br />amended. <br /> <br />e. The project must be consistent with the City's Comprehensive <br /> Plan, Land Use Plan, and Zoning Ordinances. <br /> <br />The project shall serve at least two of the following public <br />purposes: <br /> · Job creation. <br /> · Increase oftaxbase. <br /> · Enhancement or diversification of the city's economic base. <br /> · Development or redevelopment that will spur additional <br /> private investment in the area. <br /> <br />5 <br /> <br /> <br />