04-29-13-EDA - Laserfiche WebLink

Home Browse Search

b.Establishment of “look back provisions” c.Establishment of minimum assessment agreements 3.TIF and abatement will be provided on a pay-as-you-go-basis. Any request for upfront assistance will be evaluated on its own merits and mayrequire security to cover any risks assumed by the City. 4.The City will elect the fiscal disparities to come from inside applicable TIF district(s)to eliminate any impact to the existing tax payers of the community. 5.The City will target up to the maximum allowed by State Statute of tax increment for administrative purposesonly. 6.The developer shall proactively attempt to minimize the amount of public assistance needed through the pursuit of grants, innovative solutions in structuring the deal, and other funding mechanisms. 7.Proposals should not be used to support speculative industrial, commercial, office or housing projects. In general the developer should be able to provide market data, tenant letters of commitment or financestatements which support the market potential/demand for the proposed project. 8.Public financing willnot be used in a project that involves an excessive land and/or property price. This will normally be where the acquisition price is more than 20% in excess of market value as determined by an independent appraisal of the property (exclusive of relocation benefits). The City shall commission an appraisal and the cost will be paid from Developer’s escrow. 9.Public financing will not be used in projects that would give a significant competitive financial advantage over similar projects in the area due to the use of public subsidies. Developers should provide information to support that assistance will not create such a competitive advantage. Priority consideration will be given to projects that fill an unmet market need. 10.TIF and Abatement will not be utilized for the construction of new rental housing units. The City will consider waivers of various City fees for new rental housing developments (building permit fees excluded). 11.Public financing will not be used for projects that would generate significant environmental problems in the opinion of the local, state, or federal governments. Priority will be given to projects that aim to clean-up existing contaminated sites and would facilitate the location of an industry or business that has an environmentally-sound track record, or that meets a housing need in the City. City of Arden Hills Public Financing Policy Page 4of 7 April 29, 2013