Laserfiche WebLink
6.2Desired Qualifications: <br />A.Projects providing higher than a3 to 1 ratio of privateinvestment to City public <br />investmentwill receive priority consideration.Private investment includes <br />developer cash, government and bank loans, conduit bonds, tax credit equity, and <br />land if already owned by the developer. <br />B.Projects meeting the following minimum building valuationwill receive priority <br />consideration: <br />Minimum Value <br />Use <br />Per Sq/Ft or Unit <br />Industrial$60 <br />Commercial/Retail$150 <br />Office$100 <br />Rental Housing$100,000 <br />C.Proposals that significantly increase the amount of property taxes paid after <br />redevelopment will receive priority consideration. <br />D.Proposals that encourage the following will receive priority consideration: <br />1.Provides opportunities for small businesses <br />2.Retains atop 10 employer within the City <br />3.Provides significant rehabilitation of an existing apartment complexor <br />significant rehabilitation and/or expansion of existingoffice, commercial <br />or industrial facility <br />4.Provides opportunities for development of sit down restaurants <br />5.Provides opportunities for high end and/or specialty retail that is not <br />currently available to City residents <br />E.Preference will be given to projects that meet good public policy criteria as <br />determined by the City Council, including: <br />1.High project quality (e.g. sound architectural design, quality construction <br />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 significant new, or retained employment <br />4.Projects that meet financial feasibility criteria established by the City <br />5.Projects that provide the highest and best desired use for the property <br />City of Arden Hills Public Financing Policy Page 6of 7 <br />February 25, 2012 <br />