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G. Preference will be given to projects that meet good public policy criteria as <br />determined by the City Council, including: <br />1. High project quality (e.g. sound architectural design, quality construction and <br />materials, sustainable building practices) <br />2. Projects that provide significant improvement to surrounding land uses, the <br />neighborhood, and/or the City <br />3. Projects that provide a significant increase in tax base <br />4. Projects that provide significant new, or retained employment <br />5. Projects that meet financial feasibility criteria established by the City <br />6. Projects that provide the highest and best desired use for the property <br />Of the desired qualifications, it is likely that most and possibly all of the criteria could be met. <br />Again, additional analysis would be required with a full application. The project would generate <br />more taxes than the currently land use, it would not be speculative, and it would not create an <br />unfair advantage in the affordable housing market. It would be a pay-as-you-go financing <br />project as required in part E. The project is also unlikely to create negative environmental <br />impacts. Reviewing part G would require additional City Council discussion. Part H, the <br />development agreement, would be required. <br />Section 6. Public Financing Principles. <br />This section does not list evaluation criteria. This section provides basic assumptions and <br />requirements for the review process if the project moves forward (i.e. the "but for" analysis, look <br />back provisions, and how to address fiscal disparities). <br />Section 7. Public Financing Project Evaluation Process. <br />If a formal proposal is submitted, the follow four criteria are used for analyzing the proposal: <br />A. Consideration of project 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 />Section 8. Application for Public Financing Assistance. <br />A formal application will require a $2000 application fee and a $10,000 escrow for additional <br />expenses. The application and fees would need to be submitted before any detailed TIF analysis <br />could be completed. The fees are meant to cover City costs; however, they can be waived or <br />reduced by the Council. <br />Page 5 of 5 <br />