2016-08-29_EDA_Agenda_Packet - Laserfiche WebLink

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8b. Attachment B 1b.Establishment of “look back provisions” 2 3c.Establishment of minimum assessment agreements 4 53.TIF and abatement will be provided on a pay-as-you-go-basis. Any request 6for upfront assistance will be evaluated on its own merits and may require 7security to cover any risks assumed by the City. 8 94.The City will set up TIF districts in accordance with the maximumnumber of 10statutory years allowable. However, this does not mean that the developer 11will be granted assistance for the full term of the district. 12 135.The City will elect the fiscal disparities contribution to come from inside 14applicable TIF district(s) to eliminate any impact to the existing tax payers of 15the community. 16 176.Public financing willnot be used to support speculativecommercial, office or 18housing projects. In general the developer should be able to provide market 19data, tenant letters of commitment or finance statements which support the 20market potential/demand for the proposed project. 21 227.Public financing will not be used in projects that would give a significant 23competitive financial advantage over similar projects in the area due to the use 24of public subsidies. Developers should provide information to support that 25assistance will not create such a competitive advantage. Priority consideration 26will be given to projects that fill an unmet market need. 27 288.Public financing will not be used in a project that involves aland and/or 29property acquisition pricein excess of fair market value. 30 319.The developer will pay all applicable application fees and pay for the City and 32EDA’s fiscal and legal advisor timeas stated in the City’s Public Assistance 33Application. 34 3510.The developer shall proactively attempt to minimize the amount of public 36assistance needed through the pursuit of grants, innovative solutions in 37structuring the deal, and other funding mechanisms. 38 11.OTHER COUNCIL ITEMS TO BE ADDED 39 40