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• <br /> Process for Establishment <br /> Se on D <br /> • <br /> In order to establish a T1F district, a specific process must be <br /> followed induding the following. <br /> A. At the outset, a Development District Program (or equivalent <br /> document) must be prepared. This sets forth the general <br /> goals for development or redevelopment in the project area. <br /> B. A Tax Increment Financing Plan must be prepared. This sets <br /> forth the specific project(s) to be undertaken, costs involved, <br /> revenues projected and is the guiding document for the <br /> proposed project. <br /> C. A public hearing on the TT Plan and district must be <br /> conducted. Notification of the public hearing must be <br /> published 10-30 days prior to the hearing. <br /> D. A TIF district "fiscal and economic impact" letter must be <br /> received by the county and school district at least 30 days <br /> prior to the public hearing. <br /> E. <br /> The City planning commission must review the TiF Plan and <br /> Development Program prior to City approval. <br /> F. At the public hearing, ail interested parties are invited to <br /> express their opinion(s). <br /> G. Subsequent to the public hearing, the City must approve or <br /> reject the T1F Plan and district. <br /> H. Upon approval, the City must request county certification of <br /> the original value of the T1F district which will begin the tax <br /> increment collection process. <br /> I. Actual project expenditures may not be made until the TiF <br /> • <br /> Plan is adopted and the TF district is established. <br /> • <br /> s <br /> SPRINGSTED <br />