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City of Mounds View Public Financing Policy & Application Amended February, 2016 (Expected) Page 5 of 21 H. The developer must provide adequate financial guarantees to ensure completion of the project, including, but not limited to: minimum assessment agreements, letters of credit, personal guaranties, etc. I. The developer shall adequately demonstrate, to the City’s sole satisfaction, an ability to complete the proposed project based on past development experience, general reputation, and credit history, among other factors, including the size and scope of the proposed project. J. The developer shall proactively attempt to minimize the amount of public financing needed through the pursuit of grants, innovative solutions in structuring the deal, and other funding mechanisms. K. For the purposes of underwriting the proposal, t he developer shall provide any requested market, financial, environmental, or other data requested by the City or its consultants. L. All public financing proposals shall optimize the private development potential of a site. M. Tax Increment Finance districts will be administered in accordance with applicable State Statutes, the Tax Increment Finance Plan, and the Development District Plan. N. When possible, TIF shall be used to finance public improvements associated with the project. The priority for the use of TIF funds is: 1. Public improvements. 2. Site preparation, site improvement, land purchase, and demolition. 3. Legal, administrative, and engineering costs. O. It is the City’s policy to establish the following types of TIF districts: 1. Economic Development Districts  It is desired that the project result in a minimum creation of one full time job per $25,000 of TIF, or  Result in a significant increase in the tax base. 2. Redevelopment Districts  The market value of a redeveloped site shall increase by a minimum of 50% of the current market value. 3. Housing Districts  May be considered on a case-by-case basis.