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• To facilitate the development process and to achieve development <br /> on sites which would not be developed without TRF assistance. <br /> • To remove blight and/or encourage redevelopment of commercial <br /> and industrial areas in the city that result in high quality <br /> redevelopment and private reinvestment. <br /> • To offset increased costs of redevelopment (i.e. contaminated site <br /> clean up) over and above the costs normally incurred in <br /> development. <br /> • To create opportunities for affordable housing. <br /> • To contribute to the implementation of other public policies, as <br /> adopted by the city from time to time, such as the promotion of <br /> quality urban or architectural design, energy conservation, and <br /> decreasing capital and/or operating costs of local government. <br /> IV. POLICIES FOR THE USE OF TRF <br /> a. TRF assistance will be provided to the developer upon receipt of <br /> taxes by the City, otherwise referred to as the pay-as-you-go <br /> method. Requests for up front financing will be considered on a <br /> case by case basis. <br /> • b. Any developer receiving TRF assistance shall provide a <br /> minimum of twenty percent (20%) cash equity investment in the <br /> project. <br /> c. TRF will not be used in circumstances where land and/or <br /> property price is in excess of fair market value. <br /> d. Developer shall be able to demonstrate a market demand for a <br /> proposed project. TRF shall not be used to support purely <br /> speculative projects. <br /> e. TRF will not be utilized in cases where it would create an unfair <br /> and significant competitive financial advantage over other <br /> projects in the area. <br /> f. TRF shall not be used for projects that would place <br /> extraordinary demands on city services or for projects that <br /> would generate significant environmental impacts. <br /> g. The developer must provide adequate financial guarantees to <br /> • ensure completion of the project, including, but not limited to: <br /> assessment agreements, letters of credit, personal guaranties, <br /> etcetera. <br /> 4 <br />