Laserfiche WebLink
Prior to approval of a X financing plan,the developer shall provide any <br /> requested market and financial feasibility studies, appraisals, soil boring, private <br /> lender commitment, an&=other information the City4aits financial consultants <br /> may require in order to proceed with an independent�g of the proposal. <br /> &-- <br /> The developer must prow' adequate financial guarantees to ensure the <br /> repayment of anyWpublic financing lotm and completion of the <br /> project. These may include,but are not limited to, assessment agreements, letters <br /> of credit, personal deficiency guarantees, guaranteed maximum cost contract, etc. <br /> Any developer requestingJ4 a sli tance should be able to demonstrate past <br /> successful general development capability s well as specific capability in the <br /> �T <br /> owi type and size of development proposedSll not be used when the <br /> developer's credentials, in the sole judgment of the City, are inadequate due to <br /> past history relating to completion of projects, general reputation, and/or <br /> bankruptcy, or other problems or issues considered relevant to the City. <br /> The developer, or its contractual assigns, should retain ownership of any portion <br /> of 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 /> Desired Qualifications: <br /> A. proposals creatinga higher ratio of property taxes paid before and after <br /> redevelopment will receive priority consideration. Given the different assessment <br /> circumstances in the City, this ratio will vary widely. A 1:2 ratio of taxes paid <br /> before and after redevelopment is desired. A <br /> -+-o F^k, <br /> B. _-weroposals should.ffarntaUy- not be used to support speculative industrial, <br /> commercial, office or housing projects. In general the developer should be able to <br /> provide market data, tenant letters of commitment or finance statements which <br /> support the market potential/demand for the proposed project. <br /> C. -T4-F will nefmaI4 not be used in a project that involves an excessive land and/or <br /> property price. This will normally be where the acquisition price is more than <br /> 20% in excess of market value as determined by an independent appraisal of the <br /> property. <br /> D. -,TW will not be used in projects that would give a significant competitive financial <br /> advantage over similar projects in the area due to the use of tax increment <br /> subsidies. Developers should provide information to support that.-T- r assistance <br /> • <br /> Page 4 of 8 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\Business Subsidy Public <br /> Financing Policy-Draft 7-30-07.doc <br />