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<br />G. 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 />H. 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, general
<br />reputation, and credit history.
<br />
<br />I. I. 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 the
<br />project.
<br />
<br />J. Projects receiving business subsidy approval from other affected taxing jurisdictions will be
<br />more favorable received by the City.
<br />
<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 will
<br />not be used for commercial, retail or service businesses unless it satisfying a clear strategic
<br />goal of the City, including, but not limited to substantial increase in tax base and a significant
<br />improvement in a redevelopment project, and quality employment.is a development or
<br />redevelopment project that demonstrates that it will result in a significant increase in tax
<br />base.
<br />
<br />B. The project must be consistent with the City’s Comprehensive Plan, Land Use Plan, and
<br />Zoning Ordinances.
<br />
<br />B. The project must result in the retention of existing jobs that would be lost “but for” the
<br />proposed development or result in an increased and diversification in local jobs. Business
<br />retention jobs will be considered on a one-for-one match to job creation only in cases
<br />where job loss is specific and demonstrable in accordance with the Minnesota Business
<br />Subsidy Law.
<br />
<br />C. Specific wage and job goals will be determined by the City giving consideration to the
<br />particular form of the subsidy, nature of the development, the purpose of the subsidy, local
<br />economic conditions and similar factors. The recipient will have up to two years from the
<br />benefit date, which is the date the recipient receives the subsidy, to meet the job and wage
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