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Tax Increment <br />O Economic Development - 9 years <br />*O Renewal and Renovation - 16 years <br />4 Redevelopment - 26 years <br />O Housing - 26 years <br />Tax Abatement <br />4 Participation by all 3 entities - 15 years <br />O Participation by 1 or 2 entities - 20 years <br />O Resolution is silent as to the term - 8 years <br />Requires notification to County and School District, Requires public hearing by each participating <br />but does not require approval from other jurisdictions jurisdiction <br />City holds public hearing and adopts resolution with <br />findings <br />Annual reports are filed with the Office of the State <br />Auditor by August 1 <br />Business subsidy reports may need to be filed <br />No maximum on the annual increment generated or <br />number of TIF districts <br />Each jurisdiction adopts a resolution with statement <br />of public benefit and term of abatement <br />Business subsidy reports may need to be filed <br />Maximum cannot exceed the greater of $200,000 or <br />10% of the net tax capacity <br />Must be used on activities including acquisition, O Few restrictions on use <br />demolition, site improvements, public utilities, O Cannot abate taxes on a parcel located in a TIF <br />streets and sidewalks, and administration district <br />O General government use is prohibited <br />*O Recreational use is prohibited <br />Geographic restrictions and pooling <br />O Abatements are special levies and outside levy <br />limits. <br />4 Amount of abatement must be added to total levy <br />for current year <br />O Proposed levy and certified levy must include <br />current levy abatement amounts. <br />