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Section 3. No Contractual Rights. The guidelines contained in Section 2 are intended to <br />be a broad statement of the EDA's policy on such matters. They do not create any contractual <br />rights or obligations on the part of developers or the EDA, They do not guarantee that the EDA <br />will support any particular request nor do they limit the EDA's right to participate in a development <br />which is technically beyond the scope of the guidelines. The guidelines may be modified <br />unilaterally by the EDA at any time. <br /> <br />Section 4. Process. The following process shall be utilized by the EDA in processing <br />requests for development assistance: <br /> <br />A. City Staff reviews the request with respect to the following information: <br /> <br />Public lnfrastrucI~,lr¢ <br /> <br />Private Development <br /> <br />location of development <br />type of development <br />total project cost <br />size of development <br />type and amount of request <br />timetable for project <br />financial feasibility <br />legal feasibility <br />overall benefit to City <br /> <br />- owners equity <br /> leveraged dollars <br />- developer proforma <br />- job creation <br />- location of development <br />- type of development <br />- total project cost <br />- size of development <br />- type and amount of request <br />- timetable for project <br />- financial feasibility <br />- legal feasibility <br />- overall benefit to City <br /> <br />If the request is financially and legally feasible, it will be forwarded to the Planning <br />and Zoning Commission and Economic Development Commission for their review <br />and recommendations, <br /> <br />Bo <br /> <br />The Planning and Zoning Commission reviews the request with respect to the <br />following issues: <br /> <br />consistency with the City's Comprehensive Plan <br />appropriateness under the Zoning Ordinance <br /> <br />The Economic Development Commission reviews the request with respect to the <br />following issues: <br /> <br />increase in employment opportunities in the City <br />expansion or retention of existing local business <br />development of public improvements positively impacting <br />development areas <br />increase in the tax base of the City <br />long term benefit to City <br /> <br />The EDA will receive the comments and recommendations of Staff, the Planning <br />and Zoning Commission and the Economic Development Commission. In <br />addition, the EDA will review the request with respect to the following issues: <br /> <br />- benefit to the City as a whole <br />- impact on other private development in the area <br /> <br />EDA Financing <br />Page 2 of 7 <br /> <br /> <br />