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b. Any developer receiving a tax abatement shall provide a minimum of <br /> twenty percent (20%) equity investment in the project. <br /> c. Tax abatement will not be used in circumstances where land and/or <br /> property price is in excess of fair market value as established by a <br /> licensed appraiser. <br /> d. A market demand shall be demonstrated for the proposed project. <br /> e. Tax abatement will not be utilized in cases where it would create an <br /> unfair and significant competitive financial advantage over other <br /> projects in the area. <br /> f. Tax abatement shall not be used for projects that would place <br /> extraordinary demands on city services or for projects that would <br /> generate significant environmental impacts. <br /> g. The developer must provide adequate financial guarantees to ensure <br /> completion of the project, including, but not limited to: assessment <br /> • agreements, letters of credit, personal guaranties, and additional <br /> documentation as necessary. <br /> h. The developer shall adequately demonstrate, to the EDA's sole <br /> satisfaction, an ability to complete the proposed project based on past <br /> development experience, general reputation, and credit history, among <br /> other factors, including the size and scope of the proposed project. <br /> i. For the purposes of underwriting the proposal, the developer shall <br /> provide any requested market, financial, environmental, or other data <br /> requested by the EDA or its consultants. <br /> V. PROJECT QUALIFICATIONS <br /> All tax abatement projects considered by the Mounds View EDA must meet <br /> each of the following requirements: <br /> a. The project shall meet at least one of the objectives set forth in section <br /> III of this document. <br /> b. The use of tax abatement will be limited to: <br /> • • Industrial development, expansion, redevelopment, or <br /> rehabilitation; or <br /> 5 <br />