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City of Lino Lakes, Minnesota <br />• To encourage additional unsubsidized private development <br />in the area, either directly or indirectly through "spin off" <br />development. <br />• To facilitate the development process and to achieve <br />development on sites which would not be developed <br />without Tax Abatement assistance. <br />• To remove blight and/or encourage redevelopment of <br />commercial and industrial areas in the city that result in <br />high -quality redevelopment and private reinvestment. <br />• To offset increased costs of redevelopment (i.e., <br />contaminated site clean up) over and above the costs <br />normally incurred in development. <br />• To create opportunities for affordable housing. <br />• To contribute to the implementation of other public policies, <br />as adopted by the city from time to time, such as the <br />promotion of quality urban or architectural design, energy <br />conservation, and decreasing capital and/or operating <br />costs of local government. <br />IV. POLICIES FOR THE USE OF TAX ABATEMENT <br />a. Tax Abatement assistance will be provided to the <br />developer upon receipt of taxes by the City, otherwise <br />referred to as the pay-as-you-go method. Requests for up- <br />front financing will be considered on a case -by -case basis. <br />b. Any developer receiving Tax Abatement assistance shall <br />provide a minimum of twenty percent (20%) cash equity <br />investment in the project. <br />C. Tax Abatement will not be used in circumstances where <br />land and/or property price is in excess of fair market value. <br />d. Developer shall be able to demonstrate a market demand <br />for a proposed project. <br />e. Tax Abatement may not be utilized in cases where it would <br />create an unfair and significant competitive financial <br />advantage over other projects and/or existing businesses <br />in the area. <br />f. Tax Abatement may not be used for projects that would <br />place extraordinary demands on city services or for <br />projects that would generate significant environmental <br />impacts. <br />g. The developer must provide adequate financial guarantees <br />to ensure completion of the project, including, but not <br />limited to: assessment agreements, letters of credit, <br />personal guaranties, etcetera. <br />h. The developer shall adequately demonstrate, to the City's <br />sole satisfaction, an ability to complete the proposed <br />project based on past development experience, general <br />�i SPRINGSTED Page 2 <br />