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of an Economic Development district is 9 years — 8 years from the date of receipt of the first <br />increment. <br />The primarily purpose of the district is to aid in the construction of the proposed industrial <br />buildings and public infrastructure. Tax increment is intended to be used to offset costs related <br />to site improvements, building and infrastructure costs. <br />The plan includes the City's findings that, in our opinion, due to extraordinary costs associated <br />with the project including soil corrections, utility relocation and infrastructure extensions and <br />building preparations, the project would not be reasonably expected to occur solely through <br />private investment. <br />The estimated public costs eligible for reimbursement from tax increment total $3,444,854. Tax <br />increment revenues generated from the development are expected to equal this amount. <br />Approval of the plan and determination of eligible costs does not obligate the City/EDA to any <br />specific district duration or amount of assistance. <br />The total amount of assistance proposed is $2,900,000.00. However approval of any specific <br />assistance package will be part of a separate contract for development. <br />Representatives from BakerTilly, the City's financial consultant will be present at the meeting to <br />address any City Council questions. <br />RECOMMENDATION <br />Staff recommends approval of Resolution No. 22-126. <br />ATTACHMENTS <br />Resolution No. 22-126 <br />2. Tax Increment Financing Plan for District 1-14 <br />