Laserfiche WebLink
8. Aids the implementation of the Economic Development Strategic Plan. <br /> Policy Statements <br /> 1. The primary intent of TIF is direct funding for public improvements and secondarily for developer <br /> assistance. <br /> 2. The use of TIF shall be in accordance with state law,which changes frequently. The more restrictive <br /> language will apply when a conflict exists between this policy and state law. <br /> 3. Projects must be consistent with the Comprehensive Plan. <br /> 4. Projects must be consistent with the Strategic Plan for Economic Development. <br /> 5. Preferred projects promote the completion of major public improvement projects within the city such <br /> as the installation of trunk sewer and water lines and major transportation projects. <br /> 6. The level of assistance provided will be determined on a case-by-case basis as referenced in Policy <br /> Considerations. <br /> Based on the extent to which the project achieves the policy statements (1-6 above), the city will <br /> consider TIF for projects falling in the following categories. <br /> • Manufacturing <br /> • Major office warehouse/production facilities <br /> • Research and development <br /> • Commercial projects encouraging substantial redevelopment of substandard properties <br /> • Housing needs identified in the most recent city housing study <br /> 7. Assistance for TIF is required to meet the uses identified by statute including,but not limited to the <br /> following: <br /> • Public improvements <br /> • Land acquisition and land write down <br /> • Loans <br /> • Site preparation and improvement <br /> • Demolition <br /> • Legal, administration, and engineering <br /> 8. TIF receipts shall be allocated as pay-as-you-go method. <br /> 9. A maximum of ten percent (10%) of any tax increment received from the district shall be retained by <br /> city (Statutory Reference) <br /> the to reimburse administrative costs. <br /> 10. All TIF assistance shall be accompanied by a signed development agreement including a minimum <br /> assessment value. The developer must provide additional financing guarantees to ensure completion of <br /> the project,including,but not limited to: letters of credit,personal guarantees, corporate guarantees, <br /> etc. <br /> 11. TIF District's shall be limited to the minimum term necessary to meet the project needs. Only projects <br /> superseding the objectives identified in this policy will be considered to exceed the following general <br /> thresholds: <br /> • Redevelopment District 15 Years (Max is 25) <br /> Page 2 of 8 <br />