5.1. SR 06-24-2002 - Laserfiche WebLink

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IV. To offset increased costs of redevelopment (i.e. contaminated site dean up) over and above the costs normally inCurred in development. To~ci~ate opportumties for affordable housing. // To contribute to the Lmplementadon of other public policies, as adopted by the city from nme to me, such as the promotion of quality urban or architectural design, energy conservation, and decreasing capital and/or operating costs of local government. POLICIES FOR THE USE OF TRF eo TRF assistance will be provided to the developer upon receipt of taxes by the City, other~vise referred to as thepay-as;you-go method. Requests for up front financing will be considered on a case-by-case basis. Any developer receiving TRF assistance shall provide a minimum of t~venty percent (20%) cash ~ent~ the project. TRF will not be used in circumstances where land and/or property price is in excess of fair mar_..._~ket value. Developer shall be/tble to d. emons_?ate a market deman.___~d for a proposed project. TRF will not be utilized in cases ,,-,'here it would create an unfair and si..~ficant competitive financial advantage over other projects in the area. TRF shall not be used for projects that would place extraordinary demands on city services or for projects that ~vould generate significant environmental impacts. The developer must provide adequate financial guarantees to ensure completion of the project, including, but not limited to: assessment agreements, letters of credit, personal guaranties, and etcetera. The developer shall adequately demonstrate, to the City's sole satisfaction, an ability to complete the proposed project based on past development experience, general reputation, and credit history, among other factors, including the size and scope of the proposed project. For the purposes of underwriting the proposal, the developer shall provide any requested market, financial~ environmental, or other data requested by the City or its consultants. 4