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<br /> <br />8. Aids the implementation of the Economic Development Strategic Plan. <br /> <br /> <br />Policy Statements <br /> <br />1. The primary intent of TIF is direct funding for public improvements and secondarily for developer <br />assistance. <br /> <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 /> <br />3. Projects must be consistent with the Comprehensive Plan. <br /> <br />4. Projects must be consistent with the Strategic Plan for Economic Development. <br /> <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 /> <br />6. The level of assistance provided will be determined on a case-by-case basis as referenced in Policy <br />Considerations. <br /> <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 /> <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 /> <br />8. TIF receipts shall be allocated as pay-as-you-go method. <br /> <br />9. A maximum of ten percent (10%) of any tax increment received from the district shall be retained by <br />the city to reimburse administrative costs. (Statutory Reference) <br /> <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 /> <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 />