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8-26-13
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8-26-13
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8/27/2013 8:25:52 AM
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8-26-13 EDA Packet
General - Type
8-26-13 EDA Packet
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8-26-13 EDA Packet
Date
8/26/2013
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G.The developer, or its contractual assigns, shallretain ownership ofany portion of <br />theproject long enough to completeit, to stabilize its occupancy, to establish <br />projectmanagementand/or needed mechanisms to ensure successful operation. <br />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$125 <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 significant improvement to surrounding land uses, the <br />neighborhood, and/or the City <br />2.Provides opportunities for development of restaurants <br />3.Attracts or retains a significant employer within the City <br />4.Provides opportunity for hi-tech, med-tech and R & D facilities/office <br />5.Provides significant rehabilitation of an existing apartment complex or <br />significant rehabilitation and/or expansion of existing office, commercial <br />or industrial facility <br />6.Provides opportunities for high end and/or specialty retail that is not <br />currently available to City residents <br />7.Redevelopsa blighted and/or challenged site <br />City of Arden Hills Public Financing Policy Page 6of 7 <br />April 29, 2013 <br />
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