02-14-2024 Workshop Packet - Laserfiche WebLink

Home Browse Search

24 4859-6924-4449\6 Renewal and Renovation District: • Blight and obsolescence tests must be met. • Maximum duration of TIF district is 15 years from receipt of the first tax increment. Soils Condition District: • Provides for the removal or remediation of hazardous substances or contaminants as specified in a development action response plan. • Such costs must exceed (a) the fair market value of the land before completion of the preparation or (b) $2 per square foot of the area of each parcel. • Maximum duration of the TIF district is 20 years from receipt of the first tax increment. In order to establish a TIF district, a specific process must be followed including the following: 1. A Development Program or Redevelopment Plan (depending on statutory authority used) must be prepared. This sets forth the general goals for the development or redevelopment project area. 2. A Tax Increment Financing Plan must be prepared. This sets forth the specific project(s) to be undertaken, costs involved, and revenues projected, and is the guiding document for the proposed project. 3. A public hearing on the TIF Plan and district must be conducted. Notification of the public hearing must be published 10-30 days prior to the hearing. 4. A TIF district “fiscal and economic impact” letter must be received by the County and school district at least 30 days prior to the public hearing. 5. The City planning commission must review the TIF Plan and Development Program prior to City approval. 6. At the public hearing, all interested parties are invited to express their opinion(s). 7. Subsequent to the public hearing, the City must approve or reject the TIF Plan and district. 8. Upon approval, the City must request County certification of the original value of the TIF district which will begin the tax increment collection process. 9. Actual project expenditures may not be made until the TIF Plan is adopted and the TIF district is established. Along with this specific process there are a variety of conditions and restrictions that regulate the implementation and continuation of a TIF district, including (but not limited to) the below: But-For Test: The "but-for" test is a finding requirement. Before creating a TIF district or subdistrict, a local government or authority establishing the TIF District must find that in its opinion the TIF-subsidized development would not have happened but for the use of TIF.