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Saint Anthony Public Financing Policy Page 4 able to provide information to support that City public financial assistance will not create such a competitive advantage.Priority consideration will be given to projects that fill an unmet market need. 8.Public financial assistance will not be used in a project that involves a land and/or property acquisition where the price is in excess of the fair market value. 9.The applicant shall pay all applicable application fees and pay for the City’s fiscal and legal advisor time as stated in the Public Assistance Application. 10.The applicant shall proactively attempt to minimize the amount of public assistance needed through the pursuit of grants,innovative solutions in structuring the deal, and other funding mechanisms. 4.PROJECTS WHICH MAY QUALIFY FOR PUBLIC FINANCING ASSISTANCE: A.All new applications for public financial assistance that are considered by the City must meet each of the following minimum qualifications.However, it should not be presumed that a project meeting these qualifications will automatically be approved for assistance.Meeting the qualifications does not imply or create contractual rights on the part of any potential applicant to have its project approved for assistance. 4.1 MINIMUM QUALIFICATIONS/REQUIREMENTS: A.In addition to meeting the applicable requirements of State law,the project shall meet one or more of the public financing objectives outlined in Sec.2. Any project that contains construction of new multi-family rental must meet the objective outlined in Section 2A (2). B.The applicant must demonstrate to the satisfaction of the City that the project is not financially feasible “but for”the use of public financial assistance. C.The project is,or will be through the City approval processes,consistent with the Comprehensive Plan,Zoning Ordinances,Design Guidelines or any other applicable land use documents of the City. D.Prior to approval of a financing plan,the applicant shall provide any requested market and financial feasibility studies,appraisals,soil borings, private lender commitment,and/or other information the City or its financial advisors may require in order to proceed with an independent evaluation of the proposal. E.The applicant must provide adequate financial guarantees to ensure the repayment of any public financing and completion of the project.These may include,but are not limited to,letters of credit,personal deficiency guarantees, guaranteed maximum cost contract, etc.