2007.01.16 EDA Packet - Laserfiche WebLink

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