2007.01.16 EDA Packet - Laserfiche WebLink

Home

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