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B. It is the intent of the City to provide the minimum financing, as well as other <br /> incentives, at the shortest term required for the project to proceed, <br /> C. A developer requesting business subsidy assistance must demonstrate, to the <br /> satisfaction of the City, sufficient cash equity investment in the project as required <br /> within the City's policy for the particular form of subsidy. <br /> D. Business subsidy assistance may not be provided in circumstances where land/or <br /> property price is demonstrated by the County Assessor to be in excess of fair <br /> market value. This would normally be where the acquisition price is more than 10% <br /> in excess of market value. Determination will be provided on a case-by-case basis. <br /> E. Developer must be able to demonstrate to the City, or, if applicable, to the <br /> underwriting authority, a market-demand for a proposed project. <br /> F. Business subsidy will not be used in cases where the subsidy would create an unfair <br /> and significant competitive financial advantage over other similar projects in the <br /> area. <br /> G. Business subsidy will not be used for projects that would place extraordinary <br /> demands on city infrastructure and services. <br /> H. If requested by the City, the developer shall provide adequate financial guarantees <br /> to ensure completion of the project, including, but not limited to: minimum <br /> assessment agreements, letters of credit, cash escrows, and personal guaranties. <br /> I. Each developer must be able to demonstrate to the City's satisfaction, an ability to <br /> construct, operate, and maintain the proposed project based on past experience, <br /> general reputation, and credit history. <br /> J. If requested by the City, or its consultants, the developer shall provide sufficient <br /> market, financial, environmental, or other data relative to the successful operation of <br /> the project. The requested information will be used to evaluate the necessity of the <br /> requested assistance, and/or establish the "but for" test. <br /> K. Projects receiving business subsidy approval from other affected taxing jurisdictions <br /> i.e. (County, School District) will be more favorably received by the City. <br /> V. GUIDELINES FOR COMMERCIAL/INDUSTRIAL/RETAIL BUSINESS <br /> SUBSIDIES <br /> A. Business subsidies may be considered for retail or service businesses if it will result <br /> in satisfying a clear strategic goal of the City, including, but not limited to substantial <br /> City of Mounds View Business Subsidy Policy <br /> Amended (Expected)January 2016 <br /> Page 6 of 8 <br />