RESO 1999-0016 - Laserfiche WebLink

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SEP 10 '99 OB: 53 M EH..ERS & ASSOCIATES r-. w r Qty of Hugo October , 1999 3.04 The project must be in accord with the Comprehensive Plan and Zoning Ordmanves, or required changes to tlw plan and Ordinances must be under active consideration by the City at the time of approval. 3.05 Business subsidies will not be provided to projects that Have the financial feasibility to proceed without the benefit of the~ subsidy. In effect, business subsidies will not be provided solely to broaden a developers profit margins on a project. Prior to consideration of a business subsidy request, the Grantor may undectake an independent underwriting of the project to help en$= that the request for assistance is wand. 3.06 Prior to approval of a business subsidy, the developer shall provide any required mad mt and financial feasibility studies, appraisals, soli boring, inafort mdOu provided to private ibM r the or� iti lihancial- consultants may requirie in order to proceed with an indqwdent underwriting. 3.07 Any developer requesting a business subsidy sbould able to demonstrate past successful general development capability as well as specific capability in the type and size of development proposed. 3.08 The developer must retain ownership of the projed at least long enough to complete it, to stabilize its occupancy p establish the project management. and to initiate repayment of the business subsidy, if.. applicable. 3.09 A recipient of a business subsidy must enter into a subsidy agreement with the Grantor as described in Section 4. 3.10 A recipient of a business subsidy must make a commitment to continue operations at the site where the subsidy is used for at least five years after the benefit date. 3.11 Any business subsidy will be the lowest possible level and least amount of time necessary, after the recipient maximizes the use of private debt and equity financing fust. 3.12 Recipients of any business subsidy will be required to mat wage and job goals determined by the Grantor on a case by -case basis, giving consideration to the nature of the development, the purpose of the subsidy, local economic conditions and similar factors. 4 Subsidy Agreement 4.01 in granting a business subsidy, the Grantor shall enter into a subsidy agreement with the recipient that provides the information, wage and job goals, commitments to provide necessary reporting data and recourse for fail to meet goads required by the Statutes.