2.0. HRSR 03-10-1998 - Laserfiche WebLink

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Links to Understanding the tools that are available to finance development activities Implementation and public improvements is only part of the solution. Implementation requires connecting these tools to the Downtown Plan. The following section offers some strategies for making effective use of the financial resources need to implement the Plan. Tax increment financing is the essential piece of the finance plan. Making Use TIF wisely effective use of TIF will directly influence the ability to implement this plan. While it is impossible to predict the actual implementation steps, it is possible to offer some reasonable observations about development and TIF: • Development activities at the River and the Mall anchor the Plan. Development projects and related improvements at these locations are likely to require full use of resulting tax increment revenues. The City should not anticipate that these projects will produce excess tax incre- ment that can be used for other projects. • Tax increment will be needed to fill the gap on Walnut Street. The pri- mary funding for the reconstruction and enhancement of Walnut Street will be City funds for street maintenance and special assessments to adjacent (and benefitting) properties. The use of special assessments must seek a balance between a fair share of improvement costs and a level that becomes an economic barrier to operating a business on Walnut. In this context, it is likely that general revenues and assessments will not be sufficient to finance the project. Tax increment holds the potential to fill all or a portion of the gap. • Smaller projects play an important role in the revitalization of the Downtown. New facades and interior rehabilitation may not produce much tax increment revenue. For this reason, a loan and grant program offers a more effective finance strategy. The tax increment revenue from these projects could, however, be targeted for replenishing the loan fund. • Plan for meeting local contribution requirements. Successful implemen- tation of the Downtown Plan will create development and increase the amount of the local contribution for 1'!r District 1-22. Funding of the local contribution should be considered as part of overall implementa- tion. Other public funding for the Downtown Plan should be evaluated for its ability to meet the statutory criteria. • Implementation plans must account for TIF time constraints. Strategies to revitalize the Downtown must keep track of the limits that apply to TIF District 1-22 in the fourth and fifth years following certification. • A New Bridge Revitalizing Monticello's Downtown and Rhrerfront• - - Page 4:21