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• To offset increased costs of redevelopment (i.e. contaminated site clean up) <br />over and above the costs normally incurred in development. <br />• To create opportunities for affordable housing. <br />• To contribute to the implementation of other public policies, as adopted by the <br />city from time to time, such as the promotion of quality urban or architectural <br />design, energy conservation, and decreasing capital and/or operating costs of <br />local government. <br />IV. POLICIES FOR THE USE OF TRF <br />a. TRF assistance will be provided to the developer upon receipt of taxes by the <br />City, otherwise referred to as the pay-a.ryougo method. Requests for up front <br />financing will be considered on a case-by-case basis. <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 <br />SBA504 program will be required to provide a minimum of ten percent <br />(10%) cash equity investment. <br />c. TRF will not be used in circumstances where land and/or property price is in <br />excess of fair market value. <br />d. Developer shall be able to demonstrate a market demand for a proposed <br />project. <br />e. TRF will not be utilized in cases where it would create an unfair and <br />significant competitive financial advantage over other projects in the area. <br />£ TRF shall not be used for projects that would place extraordinary demands <br />on city services or for projects that would generate significant environmental <br />impacts. <br />g. The developer must provide adequate financial guarantees to ensure <br />completion of the project; including, but not limited to: assessment <br />agreements, letters of credit, personal guaranties, and etcetera. <br />h. The developer shall adequately demonstrate, to the City's sole satisfaction, an <br />ability to complete the proposed project based on past development <br />experience, general reputation, and credit history, among other factors, <br />including the size and scope of the proposed project. <br />i. For the purposes of underwriting the proposal, the developer shall provide <br />any requested market, financial, environmental, or other data requested by <br />the City or its consultants. <br />j. TRF proposals shall not be used to support speculative office projects. <br />Speculative projects are defined as those projects which have pre-leasing <br />agreements or letters of intent for less than 50% of the available space. <br />Ciry of Elk River <br />Tax Rebate Financing Policy, Amended August 2002 - 4 - <br />