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03-28-05
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03-28-05
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9/17/2012 10:46:45 AM
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<br />. <br /> <br />. <br /> <br />. <br /> <br />Revised Policy incorporating <br />city attorney's modifications <br /> <br />K. <br /> <br />Carrying costs <br /> <br />L. Any other costs allowable by state statute <br /> <br />4. <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 <br />Agreements 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 devcloper 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 fmancial 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 /> <br />Page 3 of9 <br />
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