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Burnsville Development Tools Criteria and Public Financing Policy Page 4 <br />9.The applicant shall pay all applicable application fees and pay for the <br />City’s fiscal and legal advisor time as stated in the Public Assistance <br />Application. <br />10.The City may consider waiving fees. The City may consider using <br />SAC credits, to the extent they are available, to off -set a project’s <br />SAC expenses. <br />11.The applicant shall proactively attempt to minimize the amount of <br />public assistance needed through the pursuit of grants, innovative <br />solutions in structuring the deal, and other funding mechanisms. <br />12.All developments are subject to execution and recording of a <br />Minimum Assessment Agreement. <br />4.PROJECTS WHICH MAY QUALIFY FOR PUBLIC FINANCING ASSISTANCE: <br />A. All new applications for public financial assistance that are considered by <br />the City must meet each of the following minimum qualifications. However, <br />it should not be presumed that a project meeting these qualifications will <br />automatically be approved for assistance. Meeting the qualifications does <br />not imply or create contractual rights on the part of any potential applicant <br />to have its project approved for assistance. <br />4.1 MINIMUM QUALIFICATIONS/REQUIREMENTS: <br />A. In addition to meeting the applicable requirements of State law, t he project <br />shall meet one or more of the public financing objectives outlined in Sec. 2. <br />B. The applicant must demonstrate to the satisfaction of the City that the <br />project is not financially feasible “but for” the use of public financial <br />assistance. <br />C. The project is, or will be through the City approval processes, consistent <br />with the Comprehensive Plan, Zoning Ordinances, Design Guidelines or <br />any other applicable land use documents of the City. <br />D. The project will meet the City’s “Better” or “Best” architectural standards <br />E. Prior to approval of a financing plan, the applicant shall provide any <br />requested market and financial feasibility studies, appraisals, soil boring s, <br />private lender commitment, and/or other information the City or its financial <br />advisors may require in order to proceed with an independent evaluation of <br />the proposal. <br />F. The applicant must provide adequate financial guarantees to ensure the <br />repayment of any public financing and completion of the project. These <br />may include, but are not limited to, assessment agreements, letters of <br />credit, personal deficiency guarantees, guaranteed maximum cost contract, <br />etc.