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MAYOR AND CITY COUNCIL <br />PAGE TWO <br />1. Special purpose type struotures not adaptable to other uses. <br />Projects requiring financing for less than $750,000 if other <br />than the sophisticated buyer non -recourse mortgage revenue <br />note or bond financing is to be used. <br />3. Financing for retail or service establishments or businesses <br />or multi -family housing. <br />Such is not the case, however, with Resolution Number 1434 <br />establishing policy guidelines for Tax Increment Financing where <br />under Item No. 6 it is stated, "The City will limit tax increment <br />financing for projects proposed by non-profit, property tax <br />paying entities." The intention of this provision is to prohibit <br />tax increment financing projects to anything other than non- <br />profit property tax paying entities. To make Resolution Number <br />1434 more supportive of business development Staff would recommend <br />that it be amended bit removing the current language under Item No. <br />6 and inserting language consistent with that of Resolution Number <br />1125 wherein it does not favor special purpose type structures not <br />adaptable to other uses and financing for retail or service <br />establishments or businesses or multi -family housing. <br />This type of amendment to Resolution Number 1434 would make the <br />guidelines for financial assistance to business development more <br />consistent in nature. <br />Staff would request Council direction with respect to the proposed <br />amendments to Municipal Code Chapter 48 and to Resolution Number <br />1434. <br />