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Benefits of TIF <br />City would still receive more taxes than they currently are collecting <br />from existing parcels. <br />City would not be “out of pocket” funds since property would continue <br />to pay existing taxes and 10% of increment. <br />Project would pay over $100,000 in City fees as result of development. <br />Project would extend bike path along highway 10. <br />Project would encourage further redevelopment in area. <br />TIF makes development more competitive for other funds. Would <br />leverage $13.4 million in private and federal sources. <br />City will collect approx. $11k in taxes upon completion, almost 3 times <br />what they are collecting today. <br />City will collect more if tax rate increases. TIF is only based on the tax <br />rate the year the TIF district is established.