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• City of , Minnesota <br /> h. Developer shall be able to demonstrate a market demand for a proposed <br /> project. TIF shall not be used to support purely speculative projects. <br /> • i. TIF shall not be utilized in cases where it would create an unfair and <br /> significant competitive financial advantage over other projects in the area. <br /> j. TIF shall not be provided for projects that would place extraordinary demands <br /> on 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 /> D. PROJECT QUALIFICATIONS <br /> All TIF projects considered by the City of must meet all of the following <br /> requirements: <br /> a. To be eligible for TIF, a project shall result in: <br /> 1. For Economic Development TIF Districts, new construction of a <br /> minimum of 5,000 square feet; <br /> 2. For Economic Development TIF Districts, the minimum creation of <br /> one new or retained full time job per$25,000 of TIF provided; <br /> 3. For Redevelopment TIF Districts, a minimum value increase of <br /> $200,000 or not less than 2 times the current year assessed value, <br /> whichever is greater; and, <br /> b. The project shall meet at least one of the objectives set forth in Section II <br /> and satisfy all the provisions set forth in Section III of this document. <br /> c. The developer shall demonstrate that the project is not financially <br /> feasible but-for the use of TIF. <br /> d. The project must be consistent with the City's Comprehensive Plan, Land <br /> Use 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, per City's Business <br /> Subsidy Policy. <br /> Page 9 <br />