10-10-2007 Council Agenda - Laserfiche WebLink

Home Browse Search

D. To enhance economic growth by increasing the tax base of the City in order to ensure the long -term ability of the City to provide adequate services for it's residents while lessening the reliance on residential property tax. E. To retain high quality local jobs, create high quality Local job growth, and provide diversity in that job base. F. To increase the local business and industrial market potential of the City. G. To encourage additional unsubsidized private development in the area, either directly, or through secondary "spin -off' development. H. To offset increased costs of redevelopment, over and above those costs that a business would incur in normal development. I. To accelerate the development process and to achieve development on sites which would not be developed without this assistance. 5. BUSINESS ASSISTANCE PROJECT APPROVAL CRITERIA 5.01 All new projects approved by the City should meet the following mandatory minimum approval criteria. However, it should not be presumed that a project meeting these criteria would automatically be approved. Meeting these criteria creates no contractual rights on the part of any potential developer. A. The assistance shall be provided within applicable state legislative restrictions, State Auditor interpretation, debt limit guidelines, and other appropriate financial requirements and policies. B. The project should meet one or more of the uses identified in Section 4, Eligible Uses for the Receipt of Business Assistance. C. The project must be in accordance with the City's comprehensive plan and zoning ordinances, or required changes to the City's comprehensive plan and zoning ordinances must be under active consideration by the City at the time of approval. D. The assistance will not be provided to projects that have the financial feasibility to proceed without the benefit of the assistance. Assistance will not be provided solely to broaden a businesses's profit margins on a project. Prior to consideration of a business assistance request, the City may undertake an independent underwriting of the project to help ensure that the request for assistance is valid with underwriting costs to be reimbursed by the business in all instances which shall be in addition to the application fee described herein. E. Prior to approval of business assistance, the business shall provide any required market and financial feasibility studies, appraisals, soil boring, information provided to private lenders for the project, and other information or data that the City or its financial consultants may require in order to proceed with an independent underwriting. F. Any business requesting business assistance should be able to demonstrate past successful general development capability as well as specific capability in the type and size of development proposed. - 9 0 -