Laserfiche WebLink
Amendment of City Redevelopment Plan <br />Page 3 <br />Project <br />Arbors Townhomes, 16 <br />Valued at $180,000 <br />$2.9 million <br />Industrial Custom Products <br />$1.2 million retained plus 65 jobs <br />Apache Plaza <br />$4.5 million, CUB Store plus 250 jobs <br />Community Center <br />Money Authorized <br />$260,000 <br />$125,000 <br />$300,000 <br />plus $1.5 million in bond proceeds <br />$2.65 million <br />bonds issued <br />The City invested $835,000 in the 4 redevelopment projects from the 1995 amendment and <br />will increase or retain value of $10,500,000 and 315 jobs will be created. <br />Benefits of Using TIF in This Manner <br />1. Less cost to taxpayer by not having to set up new district. <br />2. Less cost to taxpayer by not being penalized LGA. <br />3. Less cost to taxpayer by not having to issue bonds. <br />4. Immediate gain in tax value to some properties not in the district. <br />Status of Existing TIF Districts <br />TIF <br />Tyne <br />Increment <br />District <br />Terminates <br />*Chandler <br />Housing <br />$240,000 per year <br />2010 <br />*Kenzie Terrace <br />Housing <br />$461,910 debt until 1999 <br />2008 <br />Evergreen Townhomes <br />Housing <br />$59,000 <br />2001 <br />Walbon <br />Housing <br />$35,000 debt until 2001 <br />2011 <br />Apache Plaza <br />Commercial <br />- - - -- <br />2018 <br />*The Chandler and Kenzie Terrace districts are the districts the City is using for the <br />expenditures. <br />