In addition to meeting the statutory requirements referenced above, the City has established several criteria that will be applied in the review and evaluation of applications for TIF financing. In general, applications that meet each of the evaluation criteria will be viewed most favorably. However, TIF applications that do not meet some of these criteria may be approved if the application clearly demonstrates that the project, as a whole, is of vital economic interest to the City. Criteria include (TIF Policy should be referred to):
- Demonstrates that "but for" the use of TIF, the project is not feasible.
- Demonstrates a substantial and significant public benefit by constructing public improvements.
- Clearly shows what expenses are eligible for reimbursement and that they create significant public benefit.
- TIF assistance for land acquisition and residential development will be discouraged unless creatively integrated into a large scale mixed-use development.
- Applications requesting issuance of bonds shall be required to demonstrate that the revenue expected will be sufficient to provide debt service coverage of at least 1.25 times debt service.
- Generally TIF assistance should not exceed 35% of total project costs. Certain circumstances allow this to be altered.