The following criteria also shall apply to new development improvement projects:
(a) Type of Development. Proposals for assessment district financing shall be considered for commercial, industrial and residential development.
(b) Type of Improvement. Proposal must be for construction, installation, or acquisition of the following backbone facilities, including, but not limited to: master plan of highways designated routes, street lights, water and/or sewer trunk lines, flood control facilities, and/or regional drainage facilities and any other facilities as allowed by law. Nonbackbone or arterial facilities will be considered on a case-by-case basis by the Project Review Committee.
(c) Minimum Underwriting Standards.
(1) The provisions of § 17.0105 shall apply.
(2) Property value assessment lien ratio. A minimum average three-to-one property value to total assessment ratio lien generally shall be required, as determined by County approved appraisal. Property value means value measured following completion of all project improvements financed pursuant to this Chapter.
(3) Other Security Enhancements. Upon recommendation of County staff and advisors, additional security enhancement may be required, such as:
(a) Guarantees;
(b) Letter of credit;
(c) Municipal bond insurance;
(d) Additional bond reserves.
Security enhancement must be considered when proposed average property value to total assessment lien is not considered sufficient by County staff and advisors under Subdivision 9(c)(2) above, that is when the minimum average property value to total assessment lien is less than three-to-one.
(Am. Ord. 1919, passed - -1974; Am. Ord. 3121, passed - -1987)