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6.PROJECTS WHICH MAY QUALIFY FOR PUBLIC FINANCING ASSISTANCE A.All new applicationsfor assistanceconsidered by the City must meet each of the following minimum qualifications and will also be evaluated based on their not ability to meet the desired qualifications for assistance.However, it should be presumed that aproject meeting any of the qualifications will automatically be approvedfor assistance. Meeting the qualifications does not imply or create contractual rights on the part of any potential developer to have its project approvedfor assistance. 6.1Minimum Qualifications: A.In addition to meeting the applicable requirements of State law, the project should meet one or more of the Publicfinancing objectives outlinedin Section 4; butat a minimum shalleither: 1.Remove blight and/or encourage redevelopment in the City in order to encourage high quality development or redevelopment and private reinvestment in those areas; OR 2.Facilitate the development process and to achieve development on sites which would not be developed without this assistance. B.The developer must demonstrate to the satisfaction of the Citythat the project is not financially feasible “but for” the use of tax incrementor other public financing. C.The project must be consistent with the City’s Comprehensive Plan and Zoning Ordinances, Design Guidelines or any other applicable land use document. D.Prior to approval of a financing plan, the developer shall provide any requested market and financial feasibility studies, appraisals, soil boring, private lender commitment, and/or other information the City or its financial consultants may require in order to proceedwith an independent evaluationof the proposal. E.The developermust provide adequate financial guarantees to ensure the repayment of any public financing and completion of the project. These may include, but are not limited to, assessment agreements, letters of credit, personal deficiency guarantees, guaranteed maximum cost contract, etc. F.Any developer requesting assistance should be able to demonstrate past successful general development capability as well as specific capability in the type and size of development proposed. Public financing will not be used when the developer’s credentials, in the sole judgment of the City, are inadequate due to past history relating to completion of projects, general reputation, and/or bankruptcy, or other problems or issues considered relevant to the City. G.The developer, or its contractual assigns, should retain ownership ofany portion of theproject long enough to completeit, to stabilize its occupancy, to establish projectmanagementand/or needed mechanisms to ensure successful operation. City of Arden Hills Public Financing Policy Page 5of 7 April 29, 2013