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Report Date: May 2, 2006 <br />Meeting Date: May 9, 2006 Agenda Section: VI, A <br />ITEM DESCRIPTION: <br />Resolution 06-048; Approving Tax Increment Financing Policy <br />The following represents a policy relating to Tax Increment Financing. The purpose of <br />the policy is to provide the City with general guidelines form addressing tax increment <br />requests. <br />The policy has 3 objectives that an applicant has met to meet onprojects. They are as <br />follows: <br />1. Long term benefit to the Community <br />2. Quality employment opportunities <br />3. Significantly adds to the City's tax base by providing a high quality <br />development. <br />Some of the projects that can qualify are as follows: <br />I - Purchase of property <br />2. Loans <br />3. Public Improvements <br />4. Bonding and other financial costs. <br />An application plus fees are required to have staff research the availability of TIF <br />assistance. <br />RECOMMENDATION: <br />Approve Resolution 06-048; Adopting the Tax Increment Financing Polic] <br />FACouncil Meetings\2006\05092006\staff reportfifdoe <br />W <br />