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• Because TIF District No. 3 is scheduled to be decertified by December 31 of <br />this year, a specific modification to the TIF Plan is requested. Like previous <br />modifications, the stated initiatives of the amendment and related budget <br />adjustments would be added to the existing plan. These modifications and <br />adjustments would enable the city/EDA to undertake the initiatives outlined <br />in the plan. Specifically, a budgetary modification in the amount of $400,000 <br />is requested to enable the EDA to underwrite future infrastructure costs in <br />the Business Park, or, to acquire land on behalf of manufacturing companies <br />on a case -by -case basis. Expenditures that are attributable to land <br />acquisition costs would be recovered through the creation of subsequent TIF <br />Districts. Infrastructure assistance would also be recovered by attaching an <br />interest rate to whatever funds that are made available to a Business Park <br />land developer. It should be noted that neither Country Ridge Partnership <br />nor DMV Mall Corporation accessed TIF funds in order to underwrite a <br />portion of their respective assessment charges. <br />Failure to adopt a specific plan amendment prior to the decertification of TIF <br />District No. 3 will significantly limit how TIF funds attributable to this <br />District can be accessed. <br />As with previous modifications to TIF Plans, the following organizations <br />would review and comment on the proposed amendment: County <br />Commissioners, School Board, Planning Commission. <br />Action Requested <br />The City Council is asked to schedule a public hearing for December 21, <br />1995, to consider a modification to TIF Plan No. 3. The modification relates <br />to an allocation of $400,000 in TIF funds to be used for infrastructure and <br />land acquisition initiatives in a Business Park and/or an Industrial Park <br />area. <br />After deducting $400,000 from the TIF No. 3 balance, any remaining funds <br />would be attributable to a catch -all budget amendment to include downtown <br />redevelopment initiatives. This suggestion is consistent with the consensus <br />derived from the August EDA workshop. <br />• <br />