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6. PUBLIC FINANCING PRINCIPLES <br /> 6.1 General assumptions of redevelopment shall serve as a guide for the public financial <br /> assistance policies. These assumptions are as follows: <br /> 6.2 All requests for assistance shall be reviewed by a third party financial advisor who will <br /> inform the City of its findings and recommendations. <br /> 6.3 The City shall establish mechanisms within the development agreement to ensure that <br /> adequate checks and balances are incorporated in the distribution of financial assistance <br /> where feasible and appropriate,including but not limited to: <br /> A. Third party review of the"but for"analysis <br /> B. Establishment of"look back provisions" <br /> C. Establishment of minimum assessment agreements <br /> 6.4 The City will elect the fiscal disparities to come from inside applicable TIF district(s)to <br /> eliminate any impact to the existing tax payers of the community. <br /> 6.5 The City will target up to the maximum allowed by State Statute of tax increment for <br /> administrative purposes. <br /> 6.6 The developer shall proactively attempt to minimize the amount of public assistance <br /> needed through the pursuit of grants, innovative solutions in structuring the deal, and <br /> other funding mechanisms. <br /> 7. PUBLIC FINANCING PROJECT EVALUATION PROCESS <br /> 7.1 The following four methods of analysis for all Public Financing proposals will be used: <br /> • A. Consideration of project meeting minimum qualifications <br /> B. Consideration of project meeting desired qualifications <br /> C. Project meets"but-for"analysis and/or statutory qualifications <br /> D. Project is deemed consistent with City's Goals and Objectives <br /> Please note that the evaluation methodology is intended to provide a balanced review. <br /> Each area will be evaluated individually and collectively and in no case should one <br /> area outweigh another in terms of importance to determining the level of assistance. <br /> 8. APPLICATION FOR PUBLIC FINANCING ASSISTANCE <br /> 8.I The application process is a two-step process and must be completed in accordance with <br /> required application procedures. The purpose of this approach is to give an applicant the <br /> Deleted:N:\Minnsota\Arden <br /> opportunity to present a development proposal without expending a great deal of money Hills\TCAAP\TIF\Business Subsidy <br /> Policy\Business Subsidy Public <br /> . . _ Financing Policy-Draft 2-26-08.doc <br /> Page 6 of 7 <br /> C:\Documents and Settings\joe.rueb\Local Settings\Temporary Internet Files\OLK9B\Business Subsidy Public <br /> Financing Policy-Draft 2-26-081.doc <br /> • <br />