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T Developers receivingTIF assistance shall provide: a minimum of twenty percent <br /> (10`,✓o) cash equity investment in the project. TH'will not be used to supplant cash <br /> equity. <br /> 8. TIF will not be used in circumstances where land and/or propertT price is in excess <br /> of fair market value. A tl-card-party appraiser agreed upon by the city and developer <br /> will determine the fair market value of the land. <br /> 9, The developer shall demonstrate a market demand for a proposed project. TIF shall <br /> not be used to support purely speculative projects. <br /> 10. The developer shall adequately demonstrate, to the city's sole satisfaction, an ability <br /> to complete the proposed project based on past developi-nent experience, general <br /> reputation, and credit history, among other factors,including the sire and scope of <br /> the proposed project, <br /> 11. For the purposes of underwriting the proposal, the developer shall provide any <br /> requested market, financial, environmental, or other data requested by the city or its <br /> consultants. <br /> 12. The city of Elk River shall only, use TIF to encourage economic growth and <br /> development within the cit.), litnits. <br /> Application Process <br /> 1, Applicant submits a complete application and $10,000 application deposit by the <br /> first Monday of the month. The application deposit,will be used toward the cost of <br /> services provided in the evaluation of financial feasibility, establishment or <br /> modification of the district, -and preparation of legal docurnents and agreements. An <br /> additional deposit of$10,000 shall be required for projects requiring statutory <br /> redevelopment substandard tests. The applicant shall reimburse the city for <br /> professional services in excess of the initial deposit. Deposit portions not utilized <br /> shall be refunded. <br /> I City staff reviews the application for completeness and submits the application to the <br /> city's financial consultant for review and preparation of a financial analysis. <br /> 3. The joint Finance Committee shallreview the proposal's financial strength and make <br /> a recommendation to the appropriate cornmission with findings of fact. <br /> 4, The appropriate authority reviews the proposal and the recommendation to <br /> determine conformance with this policy. The authority makes a recommendation to <br /> the City Council, <br /> 5. After ineeting the statutory,requirements for establishing the Tax Increment District, <br /> the City Council holds a Public Flearing and takes action on the proposal <br /> (Approxiinately 45-60 days). <br />