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<br /> <br />Page 4 of 8 <br />1. Applicant submits a complete application and a $10,000 application deposit by the first Monday of <br />the month. The application deposit shall will be used toward the cost of services provided in the <br />evaluation of financial feasibility, establishment or modification of the district, and preparation of <br />legal documents and agreements. An additional deposit of $10,000 shall be required for projects <br />requiring statutory redevelopment substandard tests. The applicant shall reimburse the city for <br />professional services in excess of the initial deposit. Deposit portions not utilized shall be refunded. <br /> <br />2. City staff reviews the application for completeness and submits the application to the city’s financial <br />consultant for review and preparation of a financial analysis. <br /> <br />3. The Joint Finance Committee shall review the proposal’s financial strength and makes a <br />recommendation to the appropriate commission with findings of fact. <br /> <br />4. The appropriate authority reviews the proposal and the recommendation to determine conformance <br />with this policy. The authority makes a recommendation to the City Council. <br /> <br />5. After meeting the statutory requirements for establishing the Tax Increment District, tThe City <br />Council holds a Public Hearing and takes action on the proposal (Approximately 45-60 days).