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City of Roseville — 2004 Budget SECTION 2. Public Purpose Statement for Economic and Housing Development. The City Council shall consider the following public purpose issues after completion of an application by the developer: A. The project shall meet the legislative criteria and intent for the use of tax increment subsidies. The figures supplied in the application shall be checked for accuracy. The School District and County shall be approached by the developer and presented with an application for their review. The City shall utilize the services of qualified advisors including but not limited to independent legal, accounting, financial and planning advisors with development expertise to provide the City Council with additional project analysis. B. The developer shall demonstrate that the project as proposed cannot be built without the use of a public investment incentive; it is understood that these projects would not be financially feasible without tax increment assistance from the City. Assistance to promote community development objectives shall typically be in the form of pay -as- you -go tax increment financing. Each project will be evaluated on a case by case basis. The City Council reserves the right to provide up front subsidies for priority projects. C. The project shall attempt to create more of a tax basis than it consumes in City, County, or School services. The public services (and the estimated costs) required by the proposed use shall be calculated. Within districts that are prohibited from pooling funds, any excess increment generated shall be returned to the School District and the County. All new districts will not export funds, but may receive additional funds under the guidelines of Section 3. D. The public shall have adequate legal notice of this proposal and been given an opportunity to review the project details before and during public hearings. The use of community polls may be considered to assess community interest in proposed infrastructure projects. E. Significant new employment or housing choices shall be created at the site that will benefit a broad segment of our community. F. The project shall enhance adjoining properties and create opportunities for further development. When an environmental problem exists within a proposed project, the developer shall reduce, correct, or eliminate said problem(s) on the site. G. The project shall be compatible with the adjacent and nearby land uses, and shall be consistent with the City's Comprehensive Plan and zoning regulations. H. The quality of the proposed building and site improvements shall meet or exceed City standards. L Project financing utilizing TIF shall consider alternative equity sources, the barriers to private sector involvement which make necessary the use of TIF, and the project and financial guarantees which protect the City's investment. J. Incentives may be in the form of loans, repayable to the City for other economic development activities. Such incentives may be used by the City to adequately compete with other communities to retain and /or expand head of household jobs when growth requires a building expansion or plant and equipment update. 121