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<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 TlF agreements considered by the City of Arden Hills must meet <br />each ofthe 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 T1F 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 TlF 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 complctc it, to stabilizc its occupancy, to establish <br />project management and/or needed mechanisms to ensure successful operation. <br /> <br />Page 3 of9 <br /> <br />. <br /> <br />. <br /> <br />. <br />