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It would be subject to discussion if the project meets the requirements of Section 5.1 part A.1 or <br />A.2. Under part A.1, the property would not be considered blighted; however, this could be an <br />opportunity to encourage high quality development. Due to the lack of available vacant land in <br />the area, the project probably would not promote additional private reinvestment above and <br />beyond what would already occur. In reference to A.2, this particular development may not be <br />able to occur without public assistance but it is likely that this property would eventually have <br />some type of development. <br />As previously noted, the project would need to meet the "but for" test described in part B but <br />additional analysis would be required with a complete application. The project would be in <br />conformance with part C if the Comprehensive Plan is amended and the rezoning approved. The <br />Comprehensive Plan amendment would likely be approved at an administrative level at the <br />Metropolitan Council since it is unlikely to have a negative impact on the regional systems. <br />Assuming the project meets the "but for" test, the remaining qualifications D through H could <br />likely be met. These parts would require additional analysis with a complete application and/or <br />would be addressed during the development process. <br />5.2 Desired Qualifications: <br />A. Proposals creating a higher ratio of property taxes paid after redevelopment will <br />receive priority consideration. <br />B. Proposals should not be used to support speculative industrial, commercial, <br />office or housing projects. In general the developer should be able to provide <br />market data, tenant letters of commitment or finance statements which support <br />the market potential/demand for the proposed project. <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 <br />of the property (exclusive of relocation benefits). The City shall commission an <br />appraisal and the cost will be paid from Developer's escrow. <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 />E. TI F 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 />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 />Page 4 of 5 <br />