EDSR MEMORANDUM 03-19-1998 - Laserfiche WebLink

Home Browse Search

ip6. Future Process The current schedule of events for certification of this TIF Plan is attached to this memo and indicates that by the end of March 1998 staff will have completed a Tax Increment Plan. Staff will proceed to begin the work necessary to complete this plan pending direction provided by the EDA at this meeting. Upon completion of the Plan, it is then distributed to the county and school board for their comment and a public hearing is held- currently scheduled for June 1, 1998, to gather public input on this Plan. This schedule can be modified at any timeto meet the pace of the EDA/Council discussion. There are several other schedules for the planning and public improvement phases of this project. The TIF schedule can run somewhat independent of these,however, if the EDA/Council is not comfortable moving ahead of these other schedules, timing adjustments can be made. The following is the procedural method of approving a TIF Plan through the EDA: • EDA negotiates assistance package with developer • City Council holds public hearing and makes all the findings necessary to approve the Plan - and subsequently approves the Plan. This approval does not provide any approval of tax increment assistance to the developer. • EDA negotiates Development Agreement with developer which establishes the amount of assistance and various mechanics of providing such assistance. Once entered into, the Developer Agreement provides formal and final approval of an assistance package. The TIF Plan does not have to be approved at the same time as the Development Agreement, but must occur prior to approval of a Development Agreement. Staff outlines the following steps which will be completed over the next approximately 4 week period should the EDA provide direction to proceed at this time: • financial due diligence • statutory requirements to qualify the TIF District and ioestablish the boundaries of the District