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Policy 2003-01 Tax Rebate Policy Page 2 of 10 <br /> <br /> To encourage additional unsubsidized private development in the area, either directly or <br />indirectly through" spin off' development. <br /> <br /> To facilitate the development process and to achieve development on sites that <br />would not be developed without TRF assistance. <br /> <br /> To promote historic preservation conservation and rehabilitation of <br />commercial, residential, and public properties. <br /> <br /> To remove blight and/or encourage redevelopment of commercial and industrial areas <br />in the city that result in high quality redevelopment and private reinvestment. <br /> <br /> To offset increased costs of redevelopment (i.e. contaminated site clean up) over <br />and above the costs normally incurred in development. <br /> <br /> To create opportunities for affordable housing, housing rehabilitation and home <br />ownership. <br /> <br /> To contribute to the implementation of other public policies, as adopted by the city <br />from time to time, such as the promotion of quality urban or architectural design, <br />energy conservation, and decreasing capital and/or operating costs of local <br />government. <br /> <br />IV. POLICIES FOR THE USE OF TRF <br /> <br />a. TRF assistance will be provided to the developer upon receipt of taxes by the City, <br />otherwise referred to as the pay-as-you-go method. Requests for up front financing <br />will be considered on a case-by-case basis. <br /> <br />b. Any developer receiving TRF assistance shall provide a minimum of twenty <br />percent (20%) cash equity investment in the project. Projects utilizing the SBA504 <br />program will be required to provide a minimum of ten percent (10%) cash equity <br />investment. <br /> <br />c. Developer shall be able to demonstrate a market demand for a proposed project. <br /> <br />d. TRF shall not be used for projects that would place extraordinary demands on <br />city services or for projects that would generate significant environmental <br />impacts. <br /> <br />e. The developer must provide adequate financial guarantees to <br />ensure completion of the project, including, but not limited to: <br />assessment agreements, letters of credit, personal guaranties, and <br />etcetera.