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Burnsville Development Tools Criteria and Public Financing Policy Page 5 <br />G. Any applicant requesting public financial assistance must be able to <br />demonstrate a previous capability for successful development, as well as <br />specific capability regarding the type and size of the development proposed, <br />unless for a use specified in 4.2C (7-8). Public financing shall not be used <br />when the applicant’s credentials, in the sole judgment of the City, are <br />inadequate due to previous history relating to completion of projects, <br />general reputation, and/or bankruptcy, or other problems or issues <br />considered relevant to the City. <br />H. The applicant, or its contractual assigns, shall retain ownership of any <br />portion of the project long enough to complete it, stabilize its occupancy, <br />establish project management and/or needed mechanisms to ensure <br />successful operation. <br />4.2 DESIRED QUALIFICATIONS: <br />A. Projects providing a high ratio of private investment compared to City public <br />investment shall receive priority consideration. Private investment includes <br />developer cash, government and bank loans, conduit bonds, tax credit <br />equity, and land if already owned by the applicant. <br />B. Proposals that significantly increase the amount of property taxes paid after <br />redevelopment will receive priority consideration. <br />C. Proposals that encourage the following will receive priority consideration: <br />1.Implements the City’s vision and values for a City-identified <br />redevelopment area, including but not limited to Heart of the City, <br />Burnsville Shopping Center, and the County Road 42 corridor. <br />2.Provides significant improvement to surrounding land uses, <br />neighborhoods, and/or the City <br />3.Attracts or retains an employer within the City <br />4.Provides increased quality and higher paying jobs <br />5.Promotes housing investment that meets the following City goals: <br />i.Increase housing choice within the community; diversify <br />existing housing stock; and provide options that do not currently <br />exist <br />ii.Attract young professionals and young families to the <br />community <br />iii.Provide clean, safe, and affordable housing units <br />iv.Include housing as part of City special purpose projects, such <br />as Heart of the City, or other priority City redevelopment areas. <br />v.Multi-family housing with high-amenities considered luxury <br />and/or market rate