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2A, TIF White Paper
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2A, TIF White Paper
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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 /> B. The City shall establish mechanisms within the development agreement to ensure <br /> that adequate checks and balances are incorporated in the distribution of financial <br /> assistance where feasible and appropriate, including but not limited to: <br /> 1. Third party review of the "but for" analysis <br /> 2. Establishment of"look back provisions" <br /> 3. Establishment of minimum assessment agreements <br /> C. The City will elect the fiscal disparities to come from inside applicable TIF <br /> district(s)to eliminate any impact to the existing tax payers of the community. <br /> D. The City will target up to the maximum allowed by State Statute of tax increment <br /> for administrative purposes. <br /> E. The developer shall proactively attempt to minimize the amount of public <br /> assistance needed through the pursuit of grants, innovative solutions in structuring <br /> the deal, and other funding mechanisms. <br /> 7. PUBLIC FINANCING PROJECT EVALUATION PROCESS <br /> 7.1 The following four methods of analysis for all Public Financing proposals will be used: <br /> A. Consideration of project meeting minimum qualifications <br /> B. Consideration of project meeting desired qualifications <br /> C. Project meets "but-for" analysis and/or statutory qualifications <br /> D. Project is deemed consistent with City's Goals and Objectives <br /> Please note that the evaluation methodology is intended to provide a balanced review. <br /> Each area will be evaluated individually and collectively and in no case should one <br /> area outweigh another in terms of importance to determining the level of assistance. <br /> 8. APPLICATION FOR PUBLIC FINANCING ASSISTANCE <br /> 8.1 The application process is a two-step process and must be completed in accordance with <br /> required application procedures. The purpose of this approach is to give an applicant the <br /> opportunity to present a development proposal without expending a great deal of money <br /> Page 6 of 7 <br />
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