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5.0. 6.0. 7.0. 8.0. HRSR 04-24-2000
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5.0. 6.0. 7.0. 8.0. HRSR 04-24-2000
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City Government
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HRSR
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4/24/2000
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• To contribute to the implementation of other public policies, as <br /> adopted by the city from time to time, such as the promotion of <br /> quality urban or architectural design, energy conservation, and <br /> decreasing capital and/or operating costs of local government. • <br /> III. POLICIES FOR THE USE OF TIF <br /> a. When possible, TIF shall be used to finance public <br /> improvements associated with the project. The priority for the <br /> use of TIF funds is: <br /> 1. Public improvements, legal, administrative, and <br /> engineering costs. <br /> 2. Site preparation, site improvement, land purchase, and <br /> demolition. <br /> 3. Capitalized interest, bonding costs. <br /> b. It is the City's policy to establish the following types of TIF <br /> districts: <br /> 1. Economic Development Districts <br /> • It is desired that the project result in a minimum <br /> creation of one full time job per $25,000 of TIF. <br /> 2. Redevelopment Districts <br /> • The market value of a redeveloped site shall <br /> increase by a minimum of 50% of the current <br /> market value. <br /> Other types of TIF districts, along with specific criteria, may be • <br /> considered on a case by case basis. <br /> c. TIF assistance will be provided to the developer upon receipt of <br /> the increment by the City, otherwise referred to as the pay-as- <br /> you-go method. Requests for up front financing will be <br /> considered on a case by case basis. <br /> d. A maximum of ten percent (10%) of any tax increment received <br /> from the district shall be retained by the City to reimburse <br /> administrative costs. <br /> e. Any developer receiving TIF assistance shall provide a <br /> minimum of twenty percent (20%) cash equity investment in the <br /> project. <br /> f. TIF will not be used in circumstances where land and/or <br /> property price is in excess of fair market value. <br /> g. Developer shall be able to demonstrate a market demand for a <br /> proposed project. TIF shall not be used to support purely <br /> speculative projects. • <br /> 4 <br />
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