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04-28-14
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04-28-14
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6.PROJECTS WHICH MAY QUALIFY FOR PUBLIC FINANCING ASSISTANCE <br />A.All new applicationsfor assistanceconsidered by the City must meet each of the <br />following minimum qualifications and will also be evaluated based on their <br />not <br />ability to meet the desired qualifications for assistance.However, it should be <br />presumed that aproject meeting any of the qualifications will automatically be <br />approvedfor assistance. Meeting the qualifications does not imply or create <br />contractual rights on the part of any potential developer to have its project <br />approvedfor assistance. <br />6.1Minimum Qualifications: <br />A.In addition to meeting the applicable requirements of State law, the project shall <br />meet one or more of the Publicfinancing objectives outlinedin Section 4;and <br />shalleither: <br />1.Remove blight and/or encourage redevelopment in the City in order to <br />encourage high quality development or redevelopment and private <br />reinvestment in those areas; OR <br />2.Facilitate the development process and to achieve development on sites which <br />would not be developed without this assistance. <br />B.The developer must demonstrate to the satisfaction of the Citythat the project is <br />not financially feasible “but for” the use of tax incrementor other public <br />financing. <br />C.Theproject must be consistent with the City’s Comprehensive Plan and Zoning <br />Ordinances, Design Guidelines or any other applicable land use document. <br />D.Prior to approval of a financing plan, the developer shall provide any requested <br />market and financial feasibility studies, appraisals, soil boring, private lender <br />commitment, and/or other information the City or its financial consultants may <br />require in order to proceed with an independent evaluationof the proposal. <br />E.The developermust provide adequate financial guarantees to ensure the <br />repayment of any public financing and completion of the project. These may <br />include, but are not limited to, assessmentagreements, letters of credit, personal <br />deficiency guarantees, guaranteed maximum cost contract, etc. <br />F.Any developer requesting assistance mustbe able to demonstrate past successful <br />general development capability as well as specific capability in the type and size <br />of development proposed. Public financing will not be used when the developer’s <br />credentials, in the sole judgment of the City, are inadequate due to past history <br />relating to completion of projects, general reputation, and/or bankruptcy, or other <br />problems or issues considered relevant to the City. <br />City of Arden Hills Public Financing Policy Page 5of 7 <br />April 29, 2013 <br />
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