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h. Developer shall be able to demonstrate a market demand for a <br /> proposed project. TIF shall not be used to support purely <br /> speculative projects. <br /> i. TIF will not be utilized in cases where it would create an unfair <br /> and significant competitive financial advantage over other projects <br /> in the area. <br /> j. TIF shall not be used for projects that would place extraordinary <br /> demands on city services or for projects that would generate <br /> significant environmental impacts. <br /> k. The developer must provide adequate financial guarantees to <br /> ensure completion of the project, including, but not limited to: <br /> assessment agreements, letters of credit, personal guaranties, etc. <br /> 1. The developer shall adequately demonstrate, to the City's sole <br /> satisfaction, an ability to complete the proposed project based on <br /> past development experience, general reputation, and credit <br /> history, among other factors, including the size and scope of the <br /> proposed project. <br /> m. For the purposes of underwriting the proposal, the developer shall <br /> provide any requested market, financial, environmental, or other <br /> data requested by the City or its consultants. <br /> IV. PROJECT QUALIFICATIONS <br /> All TIF projects considered by the City of Hugo must meet all of the <br /> following requirements: <br /> a. To be eligible for TIF, a project shall result in: <br /> i. For Economic Develo ment TIF Districts, new construction of <br /> a minimum of square feet; <br /> ii. For Economic Development TIF Districts, the minimum <br /> me job per $100,000 04 <br /> iii. For Redevelopment TIF Districts, a minimum value increase <br /> of I times the current year assessed value; and, <br /> b. The project shall meet at least one of the objectives set forth in <br /> Section II and satisfy all the provisions set forth in Section III of <br /> this document. <br /> c. The developer shall demonstrate that the project is not financially <br /> feasible but-for the use of TIF. <br /> 5 <br />