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X4,11 <br />Agenda Section: VI, A <br />ITEM DESCRIPTION: <br />Resolution 06-048; Approving Tax Increment Financing Policy <br />MANAGER'S REVIEW: <br />You may recall that the Tax Increment Financing (TIF) Policy was tabled at the May 9, <br />2006, city council meeting. <br />The following presented a policy relating to Tax Increment Financing. The purpose of <br />the policy is to provide the City with general guidelines from addressing tax increment <br />requests. <br />The policy has three objectives that an applicant has to meet on projects. They are a <br />follows: I <br />1. Long term benefits to the c ' ommunity <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 />1. Purchase of property <br />2. Loans <br />3. Public Improvements <br />4. Bonding and other financial costs. <br />Rkn application plus fees are required to have staff research the availability of TIF <br />assistance. <br />The changes from the May 9th meeting have been adjusted. In the policy portion, all <br />changes have been underlined and in the application portion they have been change*&,, <br />to italics. <br />a <br />RECOMMENDATION, <br />Approve Resolution 06-048; Adopting the <br />Michael Mornson <br />Tax Increment Financing Policy. <br />FACouncil Meetings\2006\05232006\staff reporaif doc <br />108 <br />