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Saint Anthony Public Financing Policy Page 3 <br />8.Retain local jobs and/or increase the number and diversity of quality <br />jobs <br />9.Provide opportunities for small businesses and/or entrepreneurs and <br />promote resident economic stability. <br />10.Meet other uses of public policy,as adopted by the City from time to <br />time. <br />3.PUBLIC FINANCING PRINCIPLES: <br />A.The guidelines and principles set forth in this Policy pertain to all <br />applications for City public financial assistance regardless of whether they <br />are considered a Business Subsidy as defined by the Statutes.The <br />following general assumptions of development/redevelopment shall serve <br />as a guide for City public financial assistance: <br />1.All viable requests for City public financial assistance shall be <br />reviewed by staff and a third-party municipal advisor who will inform <br />the City of its findings and recommendations.This process,known <br />as the “But For”analysis is intended to determine if the project would <br />not be feasible but for the City assistance. <br />2.The City shall establish mechanisms within the development <br />agreement to ensure that adequate checks and balances are <br />incorporated in the distribution of financial assistance where feasible <br />and appropriate. <br />3.TIF and abatement will be provided on a pay-as-you-go-basis.Any <br />request for upfront assistance will be evaluated on its own merits and <br />may require security to cover any risks assumed by the City. <br />4.The City may set up TIF districts in accordance with the maximum <br />number of statutory years allowable;however,this does not mean <br />that the applicant will be granted assistance for the full term of the <br />district. <br />5.The City shall elect to have the fiscal disparities contribution come <br />from inside applicable TIF district(s)to eliminate any impact to the <br />existing tax payers of the community. <br />6.Any multi-family projects requesting assistance will be required to <br />maintain the affordability levels for 26 years,even if the assistance <br />term is shorter.Developers will be required to file a Declaration of <br />Restrictive Covenants with the property to document the required <br />affordability parameters agreed upon with the City. <br />7.Public financing will not be used in projects that would give a <br />significant competitive financial advantage over similar projects in <br />the area due to the use of public subsidies.Applicants should be