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secondary "spinoff" development. 1. To promote the potential future usage of a public transit system light rail line through maximizing the development potential of parcels adjacent to the system stations. J. To offset increased costs of redevelopment, over and above those costs that a developer would incur in normal urban and suburban development. K. To accelerate the development process and to achieve development on sites which would not be developed without this assistance. L. To meet other uses of public policy, as adopted by the Council from time to time, including promotion of: quality urban design, quality architectural design, energy conservation, decreasing the capital and operating costs of local government, etc. 4. TAX INCREMENT PROJECT APPROVAL CRITERIA 4 .01 All new projects approved by the City of Centerville should meet the following mandatory minimum approval criteria. However, it should not be presumed that a project meeting these criteria will automatically be approved. Meeting theSe criteria creates no contractual rights on the part of any potential developer. A. The TIF assistance shall be provided within applicable state legislative restrictions, debt limit guidelines, and other appropriate financial requirements and policies. B. The project should meet one or more of the above adopted Tax Increment Financing Goals of the city. C. The project must be in accord with the Comprehensive Plan and Zoning Ordinances, or required changes to the plan and Ordinances must be under active consideration by the City at; the time of approval. D. TIF assistance will not be provided to projects that have the [mancial feasibility to proceed without the benefit of Tax Increment Financing. In effect, TIP assistance will not be provided solely to broaden a developer's profit margins on a project. Prior to consideration of a TIP fmancing assistance request, the City may undertake an independent underwriting of the project to help ensure that the request for assistance is valid. E. Prior to approval of a TIP financing plan, the developer shall provide any required market and financial feasibility studies, appraisals, soil boring, information provided to private lenders for the project, and other infonnation or data that the City or its financial consultants may require in order to proceed with an independent underwriting. F. To ensure cash flows are adequate projects receiving TIP assistance should n<?rmally have a 1.2: 1 debt service coverage ratio (a ratio of funds projected to be available to funds required for debt service) . G. The developer should provide adequate financial guarantees to ensure the repayment of the TIP subsidy. These may include, but are not limited to: assessment agreements, letters of credit, etc. H. Any developer requesting TIP assistance should able to demonstrate past successful general