07-09-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

City of Little Canada October 27, 1999 3.04 The project must be in accord with the Comprehensive Plan and Zoning Ordinances, or required changes to the plan and Ordinances must be under active consideration by the City at the time of approval. 3.05 Business subsidies will not be provided to projects that have the financial feasibility to proceed without the benefit of the subsidy. In effect, business subsidies will not be provided solely to broaden a developer's profit margins on a project. Prior to consideration of a business subsidy request, the Grantor may undertake an independent underwriting of the project to help ensure that the request for assistance is valid. 3.06 Prior to approval of a business subsidy, the developer 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 Grantor or its financial consultants may require in order to proceed with an independent underwriting. 3.07 Any developer requesting a business subsidy should able to demonstrate past successful general development capability as well as specific capability in the type and size of development proposed. 3.08 The developer must retain ownership of the project at least long enough to complete it, to stabilize its occupancy, to establish the project management, and to initiate repayment of the business subsidy, if applicable. 3.09 A recipient of a business subsidy must enter into a subsidy agreement with the Grantor as described in Section 4. 3.10 A recipient of a business subsidy must make a commitment to continue operations at the site where the subsidy is used for at least five years after the benefit date. 3.11 Any business subsidy will be the lowest possible level and least amount of time necessary, after the recipient maximizes the use of private debt and equity financing first. 3.12 Recipients of any business subsidy will be required to meet wage and job goals determined by the Grantor on a case -by -case basis, giving consideration to the nature of the development, the purpose of the subsidy, local economic conditions and similar factors. 4 Subsidy Agreement 4.01 In granting a business subsidy, the Grantor shall enter into a subsidy agreement with the recipient that provides the information. wage and job goals, commitments to provide necessary reporting data and recourse for fail to meet goals required by the Statutes. PAGE 171 6