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03-14-05
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03-14-05
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<br />Interest rate write downs <br /> <br />. <br /> <br />. <br /> <br />Replacement or cleanup of contaminated soils which would otherwise preclude <br />redevelopment <br /> <br />. <br /> <br />Carrying costs <br /> <br />. <br /> <br />Any other costs allowable by state statute <br /> <br />Proiects Which Mav Qualifv for Tax Increment Financinl! Assistance <br />It is assumed that the TCAAP developer will enter into a Master Development Agreements with <br />a subsequent Individual Development Agreement for each phase of development. All new TIF <br />agreements considered by the City of Arden Hills must meet each of the following minimum <br />qualifications and will also be evaluated based on their ability to meet the desired qualifications <br />for assistance. <br /> <br />. <br /> <br />Minimum Qualifications <br />A. The developer must demonstrate that the project is not fmancially feasible "but for" the <br />use oftax increment financing. <br /> <br />B. The project must be consistent with the City's Comprehensive Plan and Zoning <br /> <br />Ordinances, Design Guidelines or any other applicable land use document. <br /> <br />C. Prior to approval of a TIF financing plan, the developer shall provide any requested <br />market and financial feasibility studies, appraisals, soil boring, private lender <br />commitment, and/or other information the City or its financial consultants may require in <br />order to proceed with an independent underwriting of the proposal. <br /> <br />D. The developer must provide adequate financial guarantees to ensure the repayment of any <br />TIF or other public financing loan and completion of the project. These may include, but <br /> <br />. <br /> <br />Page 3 of9 <br />llEarthlAdminlCommitteeslEconomic Development CommissionlTax Increment Financing Policy - Copy with <br />Council and EDC Strikeouts and Bold Text.doc <br />
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