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4/97 <br /> <br />CIP FINANCES <br /> <br />INDUSTRIAL DEVELOPMENT FUND <br /> <br />In recent years the City realized the need to create an economic development <br />fund to encourage industrial development. In 1996, a development fund was <br />established. Through contributions into this fund from the annual tax levy <br />and the Utilities department, over one million dollars will be available by <br />2001. No revenues are scheduled to be generated after 2001. Accordingly, <br />the City will have to be careful in spending these funds and will have to look <br />at establishing a reoccurring annual source of revenues. Also, it is hoped <br />that the funds spent on economic development activities will be recaptured. <br />This will most likely be possible unless the Tax Increment Financing law <br />changes. <br /> <br />The development funds are anticipated to be spent to purchase land and to <br />make public improvements to the property so that it can be available to <br />market as industrial sites. The fund can go further if assessment agreements <br />can be made for public improvements with owners of industrial land. <br /> <br />These funds are under the management of the City Council, but are <br />anticipated to be spent per recommendation of the Economic Development <br />Authority in accordance with the Economic Development Strategic Plan. <br /> <br />Page 13 of 16 <br /> <br /> <br />