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7. Developers receiving T117 assistance shall provide as nairninuin of twenty percent <br /> cash equity investnient in the project. TIF will not be used to supplant Cash <br /> equity. <br /> 8. TIF will not be used in circumstances, where land and/or Property price Is in excess <br /> of fair triarker value. A third-party appraiser agreed upon by the city and developer <br /> -,.vd.1 determine the fair inarket value of the land. <br /> 9. The dew,eloper shall demonstrate a market demand for a proposed project. '111:^' shall <br /> not be used to support purely Sl-)CCUlative projects. <br /> M 'T'he developer )hall adeqUat.Clv demonstrate, to the city's sole satisfaction, an ability <br /> to complete the proposed project based on past developincrit experience, general <br /> reputation, and credit history, arnong other factors, including the size 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 /> 1Z The, city of Elk River shall only use 'I'll, to encourage economic growth and <br /> dcvc1oprricrit within the city hriiits, <br /> Application Process <br /> 1. ApIlliCallt submits -,I complete application and a $10,000 application dCPO'Sit b)' the <br /> first Monday of the month. The application deposit %vill 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 documents and agreements. An <br /> additional deposit of$10,000 shall be required for projects requiring statutory <br /> redevelopment substandard tests. The applicant shall reiniburse the city for <br /> professional services in excess of the initial deposit. Deposit portions not utilized <br /> shall be refunded. <br /> 2, 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, I'lieJoint Finance Committee shall review the proposal's financial strength and I-IrIakc <br /> a recorntriendation to the appropriate commission with findings of fact. <br /> 4, The appropriate authority rvvic%vs the proposal and the recommendation to <br /> determine conformance with this policy. The authority inakes a recommendation to <br /> the City Council. <br /> 5. After meeting the statutory requirements for establishing the Tax Increment District, <br /> the City Council holds a Public Hearing and takes action on the Proposal <br /> (Approxiinately 45-60 days). <br /> �W, <br />