5.5. SR 08-20-2001 - Laserfiche WebLink

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A project application must demonstrate equity participation in the form of cash or depreciable assets. Industrial and health care projects must not be speculative, i.e., they must either be for the applicant's sole use or 60% of the square footage must be pre-leased. The use of conduit bonding for commercial development shall be limited to the presently developed areas for the purpose of accomplishing redevelopment or revitalization. The total principal amount of tax exempt obligations for a single project will be limited to the sum of the following costs: a. Land or land improvements. New construction or existing building improvements for a new, redeveloped, or expanded business or housing project. c. Capital equipment and machinery for manufacturing purposes. d. Fees for professional services associated with the project. e. Bond issuance costs and capitalized interest during construction. Those applications that exceed the minimum standards will generally be considered more favorably than those that only meet these standards. B. Additional Review Standards Those applications meeting all of the standards listed above will be further reviewed to determine compliance with the following additional review standards. Applications meeting more of the following standards will generally be considered before those that only meet some of them or meet them less extensively: 1. Facilitation of the City's development or redevelopment objectives. 2. The number and type of additional jobs created or retained in the City. 3. For housing projects, the number, type and affordability of new or newly available housing units. 4. The projected increase in property tax revenue. 5. The amount of equity participation above 20%. 6. The quality of the project, as represented by renderings, site plans, the applicant's record of development, etcetera. 7. The project's impact on additional City services. 2 August 16, 2001