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Alternatives for TIF Grant Request Page 3 <br /> January 6, 1993 <br /> The nuance with a potential request from Perf-form Products <br /> centers around what triggers the need for a public hearing to <br /> amend an existing TIF Plan. Previously, TIF funds have been <br /> expended without a public hearing. An example here is the <br /> infrastructure improvements to the Industrial Park 2nd <br /> Addition. With other expenditures from Districts No. 1 and No. <br /> 3, staff has gone through the public hearing process found in <br /> the Tax Increment Act. Examples here include the Chuba project <br /> and the City-EDA acquisition of the Main Street redevelopment <br /> site. <br /> Staff has reviewed the general terms of the Perf-form Products <br /> expansion with the City Attorney. Based on the company <br /> providing staff with information on "eligible expenditures", <br /> the attorney agreed to determine whether or not a public <br /> hearing would be required. <br /> The fundamental question, however, is whether the EDA and City <br /> Council desires to assist a project utilizing this process . As <br /> a result, direction is sought from the EDA with the expectation <br /> that it would forward a recommendation on to the City Council . <br /> As with all requests for City incentives, the applicant must <br /> submit financial records and make projections which help ensure <br /> the applicant is a credit worthy risk. <br />