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F. Environmental studies <br />J. Any other costs allowable by state statute and approved by the City Council <br />Section 5. Projects Which May Qualify for Public Financing Assistance. <br />The Business Subsidy Policy includes minimum qualifications that a project must meet to obtain <br />public assistance. According to the Policy, a project must meet all of the minimum <br />requirements. The Policy also lists desired qualifications. The minimum qualifications are: <br />5.1 Minimum Qualifications: <br />A. In addition to meeting the applicable requirements of State law, the project <br />should meet one or more of the Public Financing Objectives outlined in Section <br />3; but at a minimum shall either: <br />1. Remove blight and/or encourage redevelopment in the City in order to <br />encourage high quality development or redevelopment and private <br />reinvestment in those areas; OR <br />2. Facilitate the development process and to achieve development on sites <br />which would not be developed without this assistance. <br />B. The developer must demonstrate to the satisfaction of the City that the project is <br />not financially feasible "but for" the use of tax increment or other public financing. <br />C. 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 />D. Prior to approval of a 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 <br />require in order to proceed with an independent evaluation of the proposal. <br />E. The developer must provide adequate financial guarantees to ensure the <br />repayment of any public financing and completion of the project. These may <br />include, but are not limited to, assessment agreements, letters of credit, personal <br />deficiency guarantees, guaranteed maximum cost contract, etc. <br />F. Any developer requesting 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. Public Financing will not be used when <br />the developer's credentials, in the sole judgment of the City, are inadequate due <br />to past history relating to completion of projects, general reputation, and/or <br />bankruptcy, or other problems or issues considered relevant to the City. <br />G. 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 />H. Enter into a Development Agreement crafted to meet the conditions of the actual <br />project. <br />Page 3 of 5 <br />