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data, tenant letters of commitment or finance statements which support the market <br /> potential/demand for the proposed project. <br /> C. Public Financing will not be used in a project that involves an excessive land <br /> and/or property price. This will normally be where the acquisition price is more <br /> than 20% in excess of market value as determined by an independent appraisal of <br /> the property (exclusive of relocation benefits). The City shall commission an <br /> appraisal and the cost will be paid from Developer's escrow. <br /> D. Public Financing will not be used in projects that would give a significant <br /> competitive financial advantage over similar projects in the area due to the use of <br /> public subsidies. Developers should provide information to support that <br /> assistance will not create such a competitive advantage. Priority consideration <br /> will be given to projects that fill an unmet market need. <br /> E. TIF and abatement will be provided on a pay-as-you-go-basis. Any request for <br /> upfront assistance will be evaluated on its own merits and may require security to <br /> cover any risks assumed by the City. <br /> F. Public Financing will not be used for projects that would generate significant <br /> environmental problems in the opinion of the local, state, or federal governments. <br /> Priority will be given to projects that aim to clean-up existing contaminated sites <br /> and would facilitate the location of an industry or business that has an <br /> environmentally-sound track record, or that meets a housing need in the City- <br /> G. Preference will be given to projects that meet good public policy criteria as <br /> determined by the City Council,including: <br /> I. High project,quality (e.g. sound architectural design, quality construction <br /> Ulm and materials, sustainable building practices) <br /> 2. Projects that provide significant improvement to surrounding land uses, <br /> the neighborhood, and/or the City <br /> 3. Projects that provide a significant increase in tax base <br /> 4. Projects that provide significant new, or retained employment <br /> 5. Projects that meet financial feasibility criteria established by the City <br /> 6. Projects that provide the highest and best desired use for the property <br /> 6. PUBLIC FINANCING PRINCIPLES <br /> 6.1 General assumptions of redevelopment shall serve as a guide for the public financial <br /> assistance policies. These assumptions are as follows: <br /> A. All requests for assistance shall be reviewed by a third party financial advisor <br /> who will inform the City of its findings and recommendations. <br /> Page 5 of 7 <br />