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8b. Attachment B 6.PROJECTS WHICH MAY QUALIFY FOR PUBLIC FINANCING ASSISTANCE 1 2 3A.All new applications for assistanceconsidered by the City must meet each of the not 4following minimum qualifications. However, it should be presumed that a 5project meeting any of the qualifications will automatically be approvedfor 6assistance. Meeting the qualifications does not imply or create contractual rights 7on the part of any potential developer to have its project approved for assistance. 8 6.1MINIMUM QUALIFICATIONS/REQUIREMENTS: 9 10 11A.In addition to meeting the applicable requirements of State law, the project shall 12meet one or more of the Public financing objectives outlined in Section 4. 13 14B.The developer must demonstrate to the satisfaction of the Citythat the project is 15not financially feasible “but for” the use of tax incrementor other public 16financing. 17 18C.The project must be consistent with the City’s Comprehensive Plan and Zoning 19Ordinances, Design Guidelines or any other applicable land use documents. 20 21D.Prior to approval of a financing plan, the developer shall provide any requested 22market and financial feasibility studies, appraisals, soil boring, private lender 23commitment, and/or other information the City or its financial consultantsmay 24require in order to proceed with an independent evaluation of the proposal. 25 26E.The developer must provide adequate financial guarantees to ensure the 27repayment of any public financing and completion of the project. These may 28include, but are not limited to, assessment agreements, letters of credit, personal 29deficiency guarantees, guaranteed maximum cost contract, etc. 30 31F.Any developer requesting assistance must be able to demonstrate past successful 32general development capability as well as specific capability in the type and size 33of development proposed. Public financing will not be used when the developer’s 34credentials, in the sole judgment of the City, are inadequate due to past history 35relating to completion of projects, general reputation, and/or bankruptcy, or other 36problems or issues considered relevant to the City. 37 38G.The developer, or its contractual assigns, shallretain ownership ofany portion of 39the project long enough to completeit, to stabilize its occupancy, to establish 40project management and/or needed mechanisms to ensure successful operation. 41