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EDA Public Hearing on TIF No. 12 <br /> Page 4 <br /> $80,000 TIF Grant times 10 percent equals $8,000 "local contribution <br /> • <br /> According to some legislative experts, the alternative to opt out of the local <br /> government aid penalty is the best news in years. While the exact <br /> information is unknown at this writing, additional details for this option are <br /> being explored at staff level. <br /> TIF Review and Notices <br /> Since the May 8 meeting, the writer of this memo has completed the review <br /> exercises necessary to honor the Mowry/Neos request for tax increment <br /> financing assistance. Components of the exercise include the distribution of <br /> TIF Plans to the School District and County Board, presentation to the <br /> County Board, Planning Commission review of the Tax Increment Financing <br /> Plan, and TIF hearing notices published in the Star News. <br /> Lastly, the City Council will conduct its public hearing on the TIF request on <br /> June 19, 1995. <br /> Action Requested <br /> After conducting the public hearing on the TIF Plan for TIF District No. 12, <br /> the EDA is asked to adopt the attached Resolution. <br />