4.1. SR 03-13-2000 - Laserfiche WebLink

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III. 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. 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, and demolition. 3. Capitalized interest, bonding costs. bo Co do It is the City's policy to establish only the following types of TIF districts: 1. Economic Development Districts · It is desired that the project result in a minimum creation of one full time job per $25,000 of TIF. 2. Redevelopment Districts · The market value of a redeveloped site shall increase by a minimum of 50% of the current market value. Other types of TIF districts may be considered on a case by case basis. 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. A maximum often percent (10%) of any tax increment received from the district shall be retained by the City to reimburse administrative costs. Any developer receiving TIF assistance shall provide a minimum of twenty percent (20%) cash equity investment in the project. TIF will not be used in circumstances where land and/or property price is in excess of fair market value. Developer shall be able to demonstrate a market demand for a proposed project. TIF shall not be used to support purely speculative projects. 4