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5 C. Any developer receiving a tax abatement rebate shall provide a minimum of twenty percent (20%) equity investment in the project. Projects utilizing the SBA 504 program will be required to provide a minimum of ten percent (10%) cash equity investment. D. Tax abatement rebate financing will not be used in circumstances where land and/or property price is significantly in excess of fair market value as established by a licensed appraiser. D. All TRF proposals shall optimize the private development potential of a development site. E. A market demand shall be demonstrated for the proposed project. F. Tax abatement rebate assistance will not be utilized in cases where it would create an unfair and significant competitive financial advantage over other projects in the area. G. Tax abatement rebate assistance shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. H. The developer must provide adequate financial guarantees to ensure completion of the project, including, but not limited to: assessment agreements, letters of credit, personal guaranties, and additional documentation as necessary. I. The developer shall adequately demonstrate, to the EDA’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. For the purposes of underwriting the proposal, the developer shall provide any requested market, financial, environmental, or other data requested by the EDA or its consultants. V. PROJECT QUALIFICATIONS All tax abatement rebate projects considered by the Mounds View EDA must meet each of the following requirements: A. The project shall meet at least one of the objectives set forth in Section III of this document. Item 06A M.V. Tax Rebate Policy 7.18.03 Draft.doc