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JUN. 6. 2001 3:4 2 P M EHLERS & ASSOCIATES NO. 4497 P. 9 60)9)1 C 4.06 Any developer requesting a business subsidy should able to demonstrate past successful general development capability as well as specific capability in the type and size of development proposed. 4.07 The developer must retain ownership of the project at least long enough to complete it,to stabilize its occupancy, to establish the project management, and to initiate repayment of the business subsidy. 4.08. A recipient of a business subsidy must make a commitment to continue operations at the site where the subsidy is used for at least five years after the benefit date. 4.09 The level of TTF funding should be reduced to the lowest possible level and least amount of time by maximizing the use of private debt and equity financing first,and then using other funding sources or income producing vehicles that can be structured into the project financing, prior to using additional TIF funding. 5. TAX INCREMENT PROJECT EVALUATION CRITERIA 5.01 All business subsidy requests will be evaluated on the following criteria for comparison with other proposed business subsidy requests reviewed by the City, and for comparison with other subsidy standards(where appropriate).It is realized that changes in local markets,costs of construction,and interest rates may cause changes in the amounts of Tax Increment subsidies that a given project may require at any given time. 5.02 Some criteria, by their very nature, must remain subjective. However, wherever possible "benchmark" criteria have been established for review purposes. The fact that a given proposal meets one or more"benchmark"criteria does not mean that it is entitled to funding under this policy, but rather that the City is in a position to proceed with evaluations of(and comparisons between) various business subsidy requests, using uniform standards whenever possible. 5.03 Following are the evaluation criteria that will be used by the City A. All business subsidy requests should optimize the private development potential of a site. B. All business subsidy requests should obtain the highest possible private to public financial investment ratio.The Council establishes a benchmark ratio of 3 parts private to 1 part public funding for projects. Housing and retail/commercial projects shall be reviewed on an individual basis. C. All business subsidy requests should create the highest feasible number of jobs on the site. The Council establishes a benchmark of one newly created FTE job per $6,000 of public assistance or one retained FTE job per$3,000 of public assistance provided to projects and establishes a benchmark of one newly created FTE job per$10,000 of public assistance or one retained FTE job per$3,000 of public assistance provided to the Industrial Park Project Area. All jobs will be"Living wage jobs"as determined by the Department of Labor. D. All business subsidy requests should create the highest possible ratio of property taxes paid before and after redevelopment.Given the different assessment circumstances in the City,this ratio will vary widely.However,under normal circumstances,the Council will expect at least a 1:2 ratio of taxes paid before and after redevelopment.