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4. Proiects Which May Qualify for Tax Increment Financinp,Assistance <br /> • It is assumed that the TCAAP developer will enter into a Master Development <br /> Agreement with a subsequent Individual Development Agreement for each phase of <br /> development. All new TIF agreements considered by the City of Arden Hills must meet <br /> each of the following minimum qualifications and will also be evaluated based on their <br /> ability to meet the desired qualifications for assistance. <br /> A. The developer must demonstrate that the project is not financially feasible "but <br /> for"the use of tax increment financing. <br /> B. The project must be consistent with the City's Comprehensive Plan and Zoning <br /> Ordinances, Design Guidelines or any other applicable land use document. <br /> C. Prior to approval of a TIF financing plan, the developer shall provide any <br /> requested market and financial feasibility studies, appraisals, soil boring, private <br /> lender commitment, and/or other information the City or its financial consultants <br /> may require in order to proceed with an independent underwriting of the proposal. <br /> D. The developer must provide adequate financial guarantees to ensure the <br /> repayment of any TIF or other public financing loan 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 /> E. Any developer requesting TIF assistance should be able to demonstrate past <br /> successful general development capability as well as specific capability in the <br /> type and size of development proposed. TIF will 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 /> F. 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 /> Page 3 of 8 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\TCAAP Public Financing <br /> Policy-Final.doc <br />