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7. Every redevelopment project brings a unique set of circumstances and <br /> challenges. As such, eacliAstrategy must be tailor-made to match these <br /> • conditions. .PLW'I r V AC 6 <br /> B. All requests for assistance shall be reviewed by a third party financial advisor. <br /> C. The City shall establish mechanisms within the development agreement to ensure <br /> that adequate checks and balances are incorporated in the distribution of financial <br /> assistance, including`_a. Third party review of the"but for" analysis; <br /> b. Establishment of"look back provisions"; <br /> C. Establishment of internal tax increment administrative procedures; <br /> d. Establishment of minimum assessment agreements. <br /> D. The City will elect the fiscal disparities to come from inside the district to <br /> eliminate any impact to the existing tax payers of the community. <br /> E The City will target up to /o of tax ineremept for administra v`epurposes. S�„(-� <br /> F. The City will target up to 4-Wo of tax inerem�nt to be used for capitalizing a City <br /> wide redevelopment fund �'� `ti <br /> The City should attempt to certify each project as a 26 year district to allow for <br /> maximum financial flexibility (D-t, <br /> 1� The City will considees on new construction, as needed, to serve as a revenue <br /> • source to construct necessary capital improvements. <br /> *f: The developer shall proactively attempt to minimize the amount of tax increment <br /> needed through the pursuit of grants, innovative solutions in structuring the deal, <br /> and other funding mechanisms. <br /> er The City's Financial Planning Advisory Committee will review all requests to <br /> ensure that any public financing is given and administered within the spirit and <br /> intent of these policies. <br /> Tax Increment Proiect Evaluation Process <br /> The following five methods of analysis for all TIF proposals will be used: <br /> 1. Consideration of project meeting minimum qualifications <br /> 2. Consideration of project meeting desired qualifications <br /> 3. Project meets "but-for" analysis and statutory qualifications <br /> 4. Project Report Card <br /> 5. Project is deemed consistent with City's Goals and Objectives <br /> • <br /> Page 6 of 8 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\Business Subsidy Public <br /> Financing Policy-Draft 7-30-07.doc <br />