10-10-2007 Council Agenda - Laserfiche WebLink

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G. The business must continue operations of the project for at least five years after the Benefit Date in order to stabilize its occupancy, to establish the project management, and to initiate repayment of the business assistance. If the business is a Qualified Business, that business shall agree to continue to operate in the City for the duration of the Zone. H. The level of business assistance funding should be reduced to the lowest possible level and least amount of time by maximizing the use of private debt and equity financing first, and then using other funding sources or income producing vehicles that can be structured into the project financing, prior to using additional business assistance funding. 6. BUSINESS ASSISTANCE PROJECT EVALUATION CRITERIA 6.01 All projects will be evaluated by the City Council (the "Council ") on the following criteria for comparison with other proposed business assistance projects reviewed by the City, and for comparison with other subsidy standards (where appropriate). It is realized that changes in local markets, costs of construction, and interest rates may cause changes in the amounts of business assistance subsidies that a given project may require at any given time. 6.02 Some criteria, by their very nature, must remain subjective. However, wherever possible "benchmark" criteria have been established for review purposes. The fact that a given proposal meets one or more "benchmark" criteria does not mean that it is entitled to funding under this policy, but rather that the City is in a position to proceed with evaluations of (and comparisons between) various business assistance proposals, using uniform standards whenever possible. 6.03 Following are the evaluation criteria that will be used by the City: A. All proposals should, in the opinion of the City Council, optimize the private development potential of a site. B. All proposals should, in the opinion of the City Council, create the highest feasible number of jobs on the site. C. Business assistance will not be provided when the relocating or new business requesting assistance would be in direct competition with an established business in the community. D. All proposals should, in the opinion of the City Council, create the highest possible ratio of property taxes paid before and after redevelopment. Given the different assessment circumstances in the City, this ratio will vary widely. E. Proposals should usually not be used to support speculative industrial, commercial, and office projects. F. Assistance will usually not be used in a project that involves an excessive land and/or property price. G. All business assistance projects will need to meet the "but for" test. Assistance will not be used unless the need for the City's economic participation is sufficient that, without that assistance the project could not proceed in the manner as proposed. H. Business assistance will not be used when the business's credentials, in the sole judgment of the City, are inadequate due to past track record relating to: completion of projects, general 91-