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<br /> 5 <br /> <br />C. Any developer receiving a tax rebate shall provide a minimum of twenty <br />percent (20%) equity investment in the project. Projects utilizing the SBA <br />504 program will be required to provide a minimum of ten percent (10%) <br />cash equity investment. <br /> <br />D. Tax rebate financing will not be used in circumstances where land and/or <br />property price is significantly in excess of fair market value. <br /> <br />E. All TRF proposals shall optimize the private development potential of a <br />development site. <br /> <br />F. A market demand shall be demonstrated for the proposed project. <br /> <br />G. Tax rebate assistance will not be utilized in cases where it would create <br />an unfair and significant competitive financial advantage over other projects <br />in the area. <br /> <br />H. Tax rebate assistance shall not be used for projects that would place <br />extraordinary demands on city services or for projects that would generate <br />significant environmental impacts. <br /> <br />I. 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 /> <br />J. The developer shall adequately demonstrate, to the EDA’s sole <br />satisfaction, an ability to complete the proposed project based on past <br />development experience, general reputation, and credit history, among other <br />factors, including the size and scope of the proposed project. <br /> <br />K. 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 /> <br /> <br />V. PROJECT QUALIFICATIONS <br /> <br />All tax rebate projects considered by the Mounds View EDA must meet each of the <br />following requirements: <br /> <br />A. The project shall meet at least two of the objectives set forth in Section III <br />of this document. <br /> <br /> <br />M.V. Tax Rebate Policy 9.22.03 Final <br />