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The Documents <br /> Sermon C <br /> • <br /> Development District Proms <br /> This document (or equivalent document, i.e. Redevelopment <br /> Plan) establishes overall guidelines far the project area <br /> boundaries, and the type and level of improvements to be <br /> constructed or acquired. <br /> • This document does Lgt establish the TiF district. <br /> Tax Increment Financing Plan <br /> • This document establishes the boundaries of the TiF district, <br /> the expenditures and financing limitations, and starts the <br /> process for collection of tax increment revenue by tete a . <br /> • The Development District Program and the Tax lrcrament <br /> Financing Plan can be drafted either concurrently or the <br /> Development District Program can be drafted first and the T <br /> Plan later on. <br /> • <br /> Development Agreement <br /> A. This document is a contract between the City and the <br /> landowner, stipulating the obligations of each party. The <br /> Development Agreement usually requires the landowner to: <br /> • Construct a development within a certain time frame <br /> with a specified minimum size and market value. <br /> • Provide •uarantees ensuring the timely completion of <br /> the development, and may require prompt payment of <br /> property taxes and debt service shortfalls. <br /> The Development Agreement usually requires the City <br /> to construct public improvements and/or purchase land <br /> associated with the new development according to an <br /> agreed upon schedule using the expected tax <br /> increment revenue. <br /> B. Terms of this agreement may well dictate if bonds are tax- <br /> 1111 <br /> ax- <br /> • exempt or taxable. <br /> C. Many cities currently require a Development Agreement on all <br /> new developments. Commonly, a TIF Development <br /> Agreement exceeds SO paces before exhibits. <br />