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<br />A. Proposals creating a higher ratio of property taxes paid after redevelopment will <br />receive priority consideration. <br /> <br />B. Proposals should not be used to support speculative industrial, commercial, office <br />or housing projects. In general the developer should be able to provide market <br />data, tenant letters of commitment or finance statements which support the market <br />potential/demand for the proposed project. <br /> <br />C. Public Financing will not be used in a project that involves an excessive land <br />and/or property price. This will normally be where the acquisition price is more <br />than 20% in excess of market value as determined by an independent appraisal of <br />the property (exclusive of relocation benefits). The City shall commission an <br />appraisal and the cost will be paid from Developer's escrow. <br /> <br />D. Public Financing will not be used in projects that would give a significant <br />competitive financial advantage over similar projects in the area due to the use of <br />public subsidies. Developers should provide information to support that <br />assistance will not create such a competitive advantage. Priority consideration <br />will be given to projects that fill an unmet market need. <br /> <br />E. TIF and abatement will be provided on a pay-as-you-go-basis. Any request for <br />upfront assistance will be evaluated on its own merits and may require security to <br />cover any risks assumed by the City. <br /> <br />F. Public Financing will not be used for projects that would generate significant <br />environmental problems in the opinion of the local, state, or federal governments. <br />Priority will be given to projects that aim to clean-up existing contaminated sites <br />and would facilitate the location of an industry or business that has an <br />environmentally-sound track record, or that meets a housing need in the City. <br /> <br />G. Preference will be given to projects that meet good public policy criteria as <br />determined by the City Council, including: <br /> <br />1. High project quality (e.g. sound architectural design, quality construction <br /> <br />and materials, sustainable building practices) <br /> <br />2. Projects that provide significant improvement to surrounding land uses, <br /> <br />the neighborhood, and/or the City <br /> <br />3 · Proj ects that provide a significant increase in tax base <br /> <br />4. Projects that provide significant new, or retained employment <br /> <br />5. Projects that meet financial feasibility criteria established by the City <br /> <br />6. Projects that provide the highest and best desired use for the property <br /> <br />6. PUBLIC FINANCING PRINCIPLES <br /> <br />Page 5 of7 <br />