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Jill. POLICIES FOR THE USE OF HOUSING TIF <br /> a, When possible,T[Fshall be used to finance public 'improvements associated <br /> with the project. The priority for the use of"I'll" Funds is: <br /> 1. Public iniprovements, legal, administrative, and engineering costs. <br /> 2. Site preparation, rite improvement,land purchase,and dernolition. <br /> 3. Capitalized interest, bonding costs. <br /> b. rlF assistance will be provided, to the developer upon receipt of the. <br /> increment by the City, otherwise referred to as the pqy-as.you-go method, <br /> c. A maximum of ten percent ('101/'�)) of any tax increment received from the <br /> district may be retained by the City to reimburse administrative costs. <br /> & Any deN�eloper receiving TIF assistance shah provide a rl'unimuni of ten <br /> percent (1011,/o) owner cash equity lovesti-nent in the pro)ect. <br /> e. TIF will not be used in circumstances where land and/or property price is in <br /> excess of fair market value. <br /> E Developer shall be able to dernonstrate a inarket dell-land for a proposed <br /> project. TIF shall not be used to sLipport purely speculative projects. <br /> & TIF'will not be utilized in cases where it would create an unfair and <br /> significant competitive financial advantage over other projects in the area. <br /> L TIF shall not be used for projects that would place extraordinary demands <br /> on city services or for projects that would generate significant environtriental <br /> impacts. <br /> i, I'lle developer must provide adequate financial guarantees to erasure <br /> completion of the project, including, but not limited to: rulinimurn assessment <br /> agreements, letter; of credit, personal guaranties, etc. <br /> j. The developer shall 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 /> k. For the pUrposes, of under-writing the proposal, the developer shall provide <br /> any recluested market, financial, environmental, or other data requested by <br /> the City or its C011SUltants. <br /> 1. All Tl F proposals shall optimize the private development potential of a site. <br /> City of Elk 1tver Tax Incretnent Financing Policy&Application-I fousing <br /> f 0 0 T <br /> Aniended April 8 2015 <br /> Page 4 of 14 INAWREJ <br />