Laserfiche WebLink
<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 /> <br />A. All requests for assistance shall be reviewed by a third party financial advisor <br />who will inform the City of its findings and recommendations. <br /> <br />B. The City shall establish mechanisms within the development agreement to ensure <br />that adequate checks and balances are incorporated in the distribution of financial <br />assistance where feasible and appropriate, including but not limited to: <br /> <br />1. Third party review of the "but for" analysis <br /> <br />2. Establishment of "look back provisions" <br /> <br />3. Establishment of minimum assessment agreements <br /> <br />C. The City will elect the fiscal disparities to come from inside applicable TIP <br />district(s) to eliminate any impact to the existing tax payers of the community. <br /> <br />D. The City will target up to the maximum allowed by State Statute of tax increment <br />for administrative purposes. <br /> <br />E. The developer shall pro actively attempt to minimize the amount of public <br />assistance needed through the pursuit of grants, innovative solutions in structuring <br />the deal, and other funding mechanisms. <br /> <br />7. PUBLIC FINANCING PROJECT EVALUATION PROCESS <br /> <br />7.1 The following four methods of analysis for all Public Financing proposals will be used: <br /> <br />A. Consideration ofproject 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 /> <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 /> <br />8. APPLICATION FOR PUBLIC FINANCING ASSISTANCE <br /> <br />8.1 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 />opportunity to present a development proposal without expending a great deal of money <br />and time in pursuing a development that may conflict with the City's goals and <br />objectives. <br /> <br />Page 6 of7 <br />