10-02-2000 WS - Laserfiche WebLink

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5 projects in the area. f. Tax abatement shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. g. 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. h. 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. i. 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 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. b. The use of tax abatement will be limited to: • Industrial development, expansion, redevelopment, or rehabilitation; or • Commercial redevelopment or rehabilitation; or • Office or research facilities; • Housing and infrastructure. • Public Infrastructure c. The developer shall demonstrate that the project is not financially feasible but-for the tax abatement financing provided. d. The project shall comply with all provisions set forth in Minnesota’s Tax Abatement Law, statues 469.1812 to 469.1815, as amended. e. The project must be consistent with the City’s Comprehensive Plan and Zoning Ordinances.