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City of Hugo,Minnesota <br /> j. TIF shall not be used for projects that would place extraordinary demands on <br /> city services or for projects that would generate significant environmental <br /> impacts. <br /> k. The developer must provide adequate financial guarantees to ensure <br /> completion of the project, including, but not limited to: assessment <br /> agreements, letters of credit, personal guaranties, etc. <br /> I. The developer shall adequately demonstrate, to the City's sole satisfaction, an <br /> ability to complete the proposed project based on past development <br /> experience, general reputation, and credit history, among other factors, <br /> including the size and scope of the proposed project. <br /> m. For the purposes of underwriting the proposal,the developer shall provide any <br /> requested market, financial, environmental,or other data requested by the <br /> City or its consultants. <br /> IV. PROJECT QUALIFICATIONS <br /> All TIF projects considered by the City of Hugo must meet all of the following <br /> requirements: <br /> a. To be eligible for TIF, a project shall result in: <br /> i. For Economic Development TIF Districts, new construction of a <br /> minimum of 15,000 square feet; <br /> ii. For Economic Development TIF Districts, the minimum creation of one <br /> new or retained full time job per$100,000 of TIF provided; <br /> iii. For Redevelopment TIF Districts, a minimum value increase of 3 <br /> times the current year assessed value; and, <br /> b. The project shall meet at least one of the objectives set forth in Section II and <br /> satisfy all the provisions set forth in Section III of this document. <br /> c. The developer shall demonstrate that the project is not financially feasible but- <br /> for the use of TIF. <br /> d. The project must be consistent with the City's Comprehensive Plan, Land Use <br /> Plan, and Zoning Ordinances. <br /> e. The project shall serve at least two of the following public purposes: <br /> • Creation of jobs with livable wages and benefits. <br /> • Increase of tax base. <br /> • Enhancement or diversification of the city's economic base. <br /> • Industrial development that will spur additional private investment in <br /> the area. <br /> • The project contributes to the fulfillment of the City's development or <br /> redevelopment objectives. <br /> • Removal of blight or the rehabilitation of a high profile or priority <br /> downtown site. <br /> pringsted Page <br />