Laserfiche WebLink
IV. <br /> <br />To facilitate the development process and to achieve development <br />on sites which would not be developed without TRF assistance. <br /> <br />To remove blight and/or encourage redevelopment of commercial <br />and industrial areas in the city that result in high quality <br />redevelopment and private reinvestment. <br /> <br />To offset increased costs of redevelopment (i.e. contaminated site <br />clean up) over and above the costs normally incurred in <br />development. <br /> <br />To create opportunities for affordable housing. <br /> <br />To contribute to the implementation of other public policies, as <br />adopted by the city from time to time, such as the promotion of <br />quality urban or architectural design, energy conservation, and <br />decreasing capital and/or operating costs of local government. <br /> <br />POLICIES FOR THE USE OF TRF <br /> <br />ao <br /> <br />TRF assistance will be provided to the developer upon receipt of <br />taxes by the City, otherwise referred to as the pay-as-you-go <br />method. Requests for up front financing will be considered on a <br />case-by-case basis. <br /> <br />bo <br /> <br />Any developer receiving TRF assistance shall provide a <br />minimum of twenty percent (20%) cash equity investment in the <br />project. <br /> <br />c. TRF will not be used in circumstances where land and/or <br /> property price is in excess of fair market value. <br /> <br />d. Developer shall be able to demonstrate a market demand for a <br /> proposed project. <br /> <br />so <br /> <br />TRF will not be utilized in cases where it would create an unfair <br />and significant competitive financial advantage over other <br />projects in the area. <br /> <br />TRF shall not be used for projects that would place <br />extraordinary demands on city services or for projects that <br />would generate significant environmental impacts. <br /> <br />go <br /> <br />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, <br />and etcetera. <br /> <br />4 <br /> <br /> <br />