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5.1 Minimum Qualifications: <br /> A. In addition to meeting the applicable requirements of State law, the project should <br /> meet one or more of the Public Financing Objectives outlined in Section 3; but at <br /> a minimum shall either: <br /> 1. Remove blight and/or encourage redevelopment in the City in order to <br /> encourage high quality development or redevelopment and private <br /> reinvestment in those areas; OR <br /> 2. Facilitate the development process and to achieve development on sites which <br /> would not be developed without this assistance. <br /> B. The developer must demonstrate to the satisfaction of the City that the project is <br /> not financially feasible "but for' the use of tax increment or other public <br /> financing. <br /> C. The project must be consistent with the City's Comprehensive Plan and Zoning <br /> Ordinances, Design Guidelines or any other applicable Iand use document. <br /> D. Prior to approval of a financing plan, the developer shall provide any requested <br /> market and financial feasibility studies, appraisals, soil boring, private lender <br /> commitment, and/or other information the City or its financial consultants may <br /> require in order to proceed with an independent evaluation of the proposal. <br /> E. The developer must provide adequate . financial guarantees to ensure the <br /> repayment of any public financing and completion of the project. These may <br /> include, but are not limited to, assessment agreements, letters of credit, personal <br /> deficiency guarantees, guaranteed maximum cost contract, etc. <br /> F. Any developer requesting assistance should be able to demonstrate past successful <br /> general development capability as well as specific capability in the type and size <br /> of development proposed. Public Financing will not be used when the <br /> developer's credentials, in the sole judgment of the City, are inadequate due to <br /> past history, relating to completion of projects, general reputation, and/or <br /> bankruptcy, or other problems or issues considered relevant to the City. <br /> G. The developer, or its contractual assigns, should retain ownership of any portion <br /> of the project long enough to complete it, to stabilize its occupancy, to establish <br /> project.management and/or needed mechanisms to ensure successful operation. <br /> H. Enter into a Development Agreement crafted to meet the conditions of the actual <br /> project. <br /> 5.2 Desired Qualifications: DRAFT <br /> A. Proposals creating a higher ratio of property taxes paid after redevelopment will <br /> receive priority consideration. <br /> B. Proposals should not be used to support speculative industrial, commercial, office <br /> or housing projects. In general the developer should be able to provide market <br /> Page 4 of 7 <br />