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Major Chanb in Tax Increment Financing <br />1988 - 1989 Legislative Sessions <br />ISSUE <br />AMENDMENT <br />Dlstacis capture additional <br />For districts established alter May 1.1988, the original tax rate Is certified. The district will receive Increment <br />Increment resulting from <br />generated by the original rate. Taxes attributed to Increases In the rates will be distributed to the appropriate <br />Increased local tax rate. <br />taxing authorities, and not the district. <br />Example: Orlglial rate - 100 Captured Value (CV). $10.000 1991 Rate - $10.500 <br />1991 Rate a 105 Original Rate X (CV) a $10,000 $500 distributed to taxing units <br />Redevelopment district <br />Several amendments were adopted In 1988 and 1989. The amendments Include: <br />dafinlllon does not <br />adequately define <br />i) Elimination of redevelopment criteria regarding unusual terrain end sal! conditions, unAeru1111zed <br />redevelopment. <br />air rights and a contaminated sewage lagoon In an Industrial park; <br />based the area of the parcels rather than the number of parcels; <br />2) Require that the district he on <br />3) Define an occupied parcel; <br />4) Require each non-conllguous area to qualify as a redevelopment district. <br />Districts with soils <br />Soils district established In 1988 amendments. Characteristics of sells districts are: <br />conditions do not need 25 <br />years to collect Increment. <br />- 12 year duration; <br />- Pay for county road costs If Improvements needed; <br />- Use of Increment restricted to acquire land on which the Improvements will occur. Improvements are <br />the cost of correcting the unusual terrain or sell deficiencies and cost of related public Improvements. <br />Tax Increment plan needs <br />additional Information. <br />Plan must Include: <br />- Identification and description of studies and analysis used to make the but for finding; <br />- Identification of all parcels to be Included In the district; <br />- Fiscal analysis of district with and without TIF. <br />13-Dec-89 <br />Publicorp, Inc. Page 1 <br />