Laserfiche WebLink
· To offset increased costs of redevelopment (i.e. conta~finated site clean up) <br /> over and above the costs normally incurred tn development. <br /> <br />· To create oppormrfities for affordable housing. <br /> <br />To contribute to the Lmplementation of other public policies, as adopted by the <br />city from m-ne to m-ne, such as the promotion of qualiu' urban or architectural <br />design, energy conservation, and decreasing capital and/or operatsng costs of <br />local government. <br /> <br />IV. POLICIES FOR THE USE OF TRF <br /> <br />TRF assistance will be provided to the developer upon receipt of taxes by the <br />Ciq,, otherwise referred to as the fl~?-ct.%yoz~-~o method. Requests for up front <br />financing will be considered on a case-by-case basis. <br /> <br />Any developer receiving TRF assistance shall provide a trmamxum of twenty <br />percent (20%) cash equity investment in the project. Projects utilizing the <br />SBAS04 program will be required ~o provide a mmix-num of ten percent <br />(10°/0) cash equity' invesmxent. <br /> <br />c. TRF will not be used in circumstances where land and/or property price is in <br /> excess of fait' market value. <br /> <br />d. Developer shall be able to demonstrate a market demand for a proposed <br /> project. <br /> <br />e. TRF xvill not be utilized in cases where it would create an unfair and <br /> si~m'fificant competitive financial advantage over other projects in the area. <br /> <br />TRF shall not be used for projects that would place extraordinary demands <br />on city services or for projects that would generate si~m'fificant environmental <br />impacts. <br /> <br />The developer must provide adequate financial guarantees to ensure <br />completion of the project, including, but not limited to: assessment <br />agreements, letters of credit, personal guaranties, and etcetera. <br /> <br />The developer shah adequately demonstrate, to the City's sole satisfaction, an <br />abiliu, to complete the proposed proiect based on past development <br />expe~4ence, general reputation, and credit l'dstolT, among other Gctors, <br />including the size and scope of the proposed project. <br /> <br />For the purposes of underwriting the proposal, the developer shah provide <br />any requested market, financial, environmental, or other data requested by <br />the Cit7 or its consultants. <br /> <br /> j. TRi~ proposals shall not be used to support speculative office projects. <br /> Speculative projects are defined as those projects which have pre-leasing <br /> agreements or letters of intent for less than 50°,% of the available space. <br />Citw of Elk River <br />Tax l<ebate <br /> <br />-4- <br /> <br /> <br />