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<br />City of Mounds View Business Subsidy Policy <br />Amended (Expected) January 2016 <br />Page 6 of 8 <br /> <br />B. It is the intent of the City to provide the minimum financing, as well as other incentives, <br />at the shortest term required for the project to proceed. <br /> <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 /> <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 market <br />value. This would normally be where the acquisition price is more than 10% in excess <br />of market value. Determination will be provided on a case -by-case basis. <br /> <br />E. developer must be able to demonstrate to the City, or, if applicable, to the underwriting <br />authority, a market-demand for a proposed project. <br /> <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 area. <br /> <br />G. Business subsidy will not be used for projects that would place extraordinary demands <br />on city infrastructure and services. <br /> <br />H. If requested by the City, the developer shall provide adequate financial guarantees to <br />ensure completion of the project, including, but not limited to: minimum assessment <br />agreements, letters of credit, cash escrows, and personal guaranties. <br /> <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 /> <br />J. If requested by the City, or its consultants, the developer shall pro vide sufficient market, <br />financial, environmental, or other data relative to the successful operation of the project. <br />The requested information will be used to evaluate the necessity of the requested <br />assistance, and/or establish the “but for” test. <br /> <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 /> <br />V. GUIDELINES FOR COMMERCIAL/INDUSTRIAL/RETAIL BUSINESS <br />SUBSIDIES <br /> <br />A. Business subsidies may be considered for retail or service businesses if it will result in <br /> satisfying a clear strategic goal of the City, including, but not limited to substantial