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· To offset increased costs of redevelopment (i.e. contaminated site clean up) <br /> over and above the costs normally incurred in development. <br /> <br />· To create opporturfides for affordable housing. <br /> <br />To contribute to the implementation of other public policies, as adopted bv the <br />ciw from Ume to time, such as the promotion of qualiw, urban or architectural <br />design, energy conservation, and decreasing capital and/or operating costs of <br />local government. <br /> <br />IV. POLICIES FOR THE USE OF TI:IF <br /> <br />TRF assistance ~vill be provided to the developer upon receipt of taxes by the <br />Cid-, othe~vise referred to as the ~-aJ':yo,-go method. Requests for up front <br />financing will be considered on a case-by-case basis. <br /> <br />Any developer receiving TRF assistance shah provide a minimum of twenw <br />percent (20%) cash equity investment in the project. Projects utilizing the <br />SBAS04 program will be required to provide a mimmum of ten percent <br />(10%) cash equity investment. <br /> <br />c. TRF will not be used in circumstances where land and/or property price is in <br /> excess of fair market value. <br /> <br />d. Developer shall be able to demonstrate a market demand for a proposed <br /> project. <br /> <br />e. TRF ~vill not be utilized in cases ~vhere it would create an unfair and <br /> significant competitive financial advantage over other projects in the area. <br /> <br />TRF shall not be used for projects that would place extraordina~' demands <br />on city services or for projects that would generate significant 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 />ho <br /> <br />The developer shah adequately demonstrate, to the City's sole satisfaction, an <br />ability to complete the proposed project based on past development <br />experience, general reputation, and credit history, among other factors, <br />including the size and scope of the proposed project. <br /> <br />For the purposes of underwriting the proposal, the developer shall provide <br />any requested market, financial, environmental, or other data requested bv <br />the City or its consultants. <br /> <br /> j. TRF proposals shah not be used to support speculative office projects. <br /> Speculam;e projects are defined as those projects ~vhich have pre-leasing <br /> agreements or letters of intent for less than 505'0 of the available space. <br />Citv of Elk River <br />Tax Rebate Financing Policy, Amended August 2002 <br /> <br />-4- <br /> <br /> <br />