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<br />City of Arden Hills Public Financing Policy Page 6 of 7 <br />April 29, 2013 <br /> <br /> <br /> G. The developer, or its contractual assigns, shall retain ownership of any portion of <br />the project long enough to complete it, to stabilize its occupancy, to establish <br />project management and/or needed mechanisms to ensure successful operation. <br /> <br />6.2 Desired Qualifications: <br /> <br />A. Projects providing higher than a 3 to 1 ratio of private investment to City public <br />investment will 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 /> <br />B. Projects meeting the following minimum building valuation will receive priority <br />consideration: <br /> <br /> <br />C. Proposals that significantly increase the amount of property taxes paid after <br />redevelopment will receive priority consideration. <br /> <br />D. Proposals that encourage the following will receive priority consideration: <br /> <br />1. Provides significant improvement to surrounding land uses, the <br />neighborhood, and/or the City <br /> <br />2. Provides opportunities for development of restaurants <br /> <br />3. Attracts or retains a significant employer within the City <br /> <br />4. Provides opportunity for hi-tech, med-tech and R & D facilities/office <br /> <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 /> <br />6. Provides opportunities for high end and/or specialty retail that is not <br />currently available to City residents <br /> <br />7. Redevelops a blighted and/or challenged site <br /> <br />Use Minimum Value <br />Per Sq/Ft or Unit <br />Industrial 60$ <br />Commercial/Retail 125$ <br />Office 100$ <br />Rental Housing 100,000$