6.0. EDSR 02-14-2000 - Laserfiche WebLink

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IV. POLICIES FOR THE USE OF TIF a. When possible, TIF shall be used to finance public • improvements associated with the project. The priority for the use of TIF funds is: 1. Public improvements, legal, administrative, and engineering costs. 2. Site preparation, site improvement, land purchase, and demolition. 3. Capitalized interest, bonding costs. b. TIF assistance will be provided to the developer upon receipt of the increment by the City, otherwise referred to as the pay-as- you-go method. Requests for up front financing will be considered on a case by case basis. c. A maximum of ten percent (10%) of any tax increment received from the district shall be retained by the City to reimburse administrative costs. d. Any developer receiving TIF assistance shall provide a minimum of twenty percent (20%) cash equity investment in the project. • e. TIF will not be used in circumstances where land and/or property price is in excess of fair market value. f. Developer shall be able to demonstrate a market demand for a proposed project. TIF shall not be used to support purely speculative projects. g. TIF will not be utilized in cases where it would create an unfair and significant competitive financial advantage over other projects in the area. h. TIF shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental concerns. i. 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, etcetera. j. 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 4