Laserfiche WebLink
c. Tax abatement will not be used in circumstances where land and/or <br />property price is in excess of fair market value. <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 EDAs 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 />• Commercial redevelopment or rehabilitation; or <br />• Office or research facilities; <br />• Housing and infrastructure. <br />