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2007.01.16 EDA Packet
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2007.01.16 EDA Packet
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Commissions
Meeting Date
1/16/2007
Document Type
Agenda/Packets
Commission Name
EDA
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• To contribute to the implementation of other public policies, as <br /> adopted by the city from time to time, such as the promotion of <br /> quality urban or architectural design, energy conservation, and <br /> decreasing capital and%or operating costs of local government. <br /> III. POLICIES FOR THE USE OF TIF <br /> a. When possible, TIF shall be used to finance public improvements <br /> associated with the project. The priority for the use of TIF funds <br /> is: <br /> 1. Public improvements, legal, administrative, and <br /> engineering costs. <br /> 2. Site preparation, site improvement, land purchase, <br /> demolition, and environmental remediation. <br /> 3. Capitalized interest, bonding costs. <br /> b. The following types of TIF districts may be established: <br /> 1. Economic Development Districts <br /> 2. Redevelopment Districts <br /> 3. Housing Districts <br /> Other types of TIF districts, along with specific criteria, may be <br /> considered on a case by case basis. <br /> c. TIF assistance will be provided to the developer upon receipt of the <br /> increment by the City, otherwise referred to as the pay-as-you-go <br /> method. Requests for up front financing will be considered on a <br /> case by case basis. <br /> d. A maximum of ten percent (10%) of any tax increment received <br /> from the district shall be retained by the City to reimburse <br /> administrative costs. <br /> e. Only for projects which supersede the objectives identified herein <br /> will the term of the TIF assistance exceed 15 years. <br /> f. Any developer receiving TIF assistance shall provide a minimum <br /> of twenty percent (20%) cash equity investment in the project. TIF <br /> shall not be used to supplant cash equity. <br /> g. TIF will not be used in circumstances where land and/or property <br /> price is in excess of fair market value. An appraisal by a third <br /> party, agreed upon by the City and Developer, will determine the <br /> fair market value of the land. <br /> 4 <br />
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