4.1. EDSR 06-28-2016 - Laserfiche WebLink

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• A project where presence of hazardous substances, pollution, Formatted.Bulleted+Level: 1+Aligned at: or contaminants requires removal or remedial action for use; 1.25"+Indent at: 1.5" and, the estimated cost of remediation exceeds the land's fair market value,or,exceeds$2 per square foot. ■ Tax increment may be used only to: O Acquire parcels on which the improvements will Formatted:Bulleted+Level:2+Aligned at: occur; 1.75"+Indent at: 2" o Pap for the cost of removal or remedial action;and o Pay for the administrative expenses of the TIF Authority allocable to the district. ■ Maximum term is 20 years after receipt of the firstFormatted.Bulleted+Level: 1+Aligned at: increment. 1.25"+Indent at: 1.5" c. TIF assistance will be provided to the developer upon receipt of the increment by the City,otherwise referred to as the pay-asyou go method. Requests for up front financing will be considered on a case-by-case basis. d. A maximum of ten percent(10%)of any tax increment received from the district may be retained by the City to reimburse administrative costs. e. Any developer receiving TIF assistance shall provide a minimum of ten percent(10%)owner cash equity investment in the project. f. TIF will not be used in circumstances where land and/or property price is in excess of fair market value. g. Developer shall be able to demonstrate a market demand for a proposed project. TIF shall not be used to support purely speculative projects. h. TIF will not be utilized in cases where it would create an unfair and significant competitive financial advantage over other projects in the area. i. TIF shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. j. The developer must provide adequate financial guarantees to ensure completion of the project,including,but not limited to:minimum assessment agreements,letters of credit,personal guaranties,etc. k. 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. 1. 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. m. All TIF proposals shall optimize the private development potential of a site. City of Elk Rives Tax Increment Financing Policy&Application P p w E Ei E 0 E Amended Febfuafy 2014 INATURIE Page 7 of 15