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10-03-2022 Council Work Session Packet
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10-03-2022 Council Work Session Packet
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12/14/2022 9:10:12 AM
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12/12/2022 2:13:03 PM
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City Council
Council Document Type
Council Packet
Meeting Date
10/03/2022
Council Meeting Type
Work Session Special
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<br /> <br /> <br />TABLE OF CONTENTS <br /> <br /> <br /> <br />Section Page(s) <br /> <br />A. Definitions ................................................................................................................................... 1 <br />B. Statutory Authorization ............................................................................................................... 1 <br />C. Statement of Need and Public Purpose ..................................................................................... 1 <br />D. Statement of Objectives ............................................................................................................. 2 <br />E. Designation of Tax Increment Financing District as an <br />Economic Development District ............................................................................................... 2 <br />F. Duration of the TIF District ......................................................................................................... 3 <br />G. Property to be Included in the TIF District .................................................................................. 4 <br />H. Property to be Acquired in the TIF District ................................................................................. 4 <br />I. Specific Development Expected to Occur Within the TIF District .............................................. 4 <br />J. Findings and Need for Tax Increment Financing ....................................................................... 5 <br />K. Estimated Public Costs .............................................................................................................. 6 <br />L. Estimated Sources of Revenue .................................................................................................. 7 <br />M. Estimated Amount of Bonded Indebtedness .............................................................................. 7 <br />N. Original Net Tax Capacity .......................................................................................................... 8 <br />O. Original Tax Capacity Rate ........................................................................................................ 8 <br />P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment ......................... 9 <br />Q. Use of Tax Increment ................................................................................................................. 9 <br />R. Excess Tax Increment ................................................................................................................ 10 <br />S. Tax Increment Pooling and the Five-Year Rule ......................................................................... 10 <br />T. Limitation on Administrative Expenses ...................................................................................... 11 <br />U. Limitation on Property Not Subject to Improvements - Four Year Rule ..................................... 11 <br />V. Estimated Impact on Other Taxing Jurisdictions ........................................................................ 12 <br />W. Prior Planned Improvements ...................................................................................................... 12 <br />X. Development Agreements .......................................................................................................... 13 <br />Y. Assessment Agreements ........................................................................................................... 13 <br />Z. Modifications of the Tax Increment Financing Plan ................................................................... 13 <br />AA. Administration of the Tax Increment Financing Plan ................................................................. 14 <br />AB. Financial Reporting and Disclosure Requirements .................................................................... 14 <br /> <br /> <br />Map of the Tax Increment Financing District ........................................................................ EXHIBIT I <br />Assumptions Report .............................................................................................................. EXHIBIT II <br />Projected Tax Increment Report ........................................................................................... EXHIBIT III <br />Estimated Impact on Other Taxing Jurisdictions Report ....................................................... EXHIBIT IV <br />Market Value Analysis Report ............................................................................................... EXHIBIT V <br /> <br />
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