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1. Applicant submits a complete application and a$10,000 application deposit by the first Monday of <br /> the month. The application deposit shall will be used toward the cost of services provided in the <br /> evaluation of financial feasibility,establishment or modification of the district, and preparation of <br /> legal documents and agreements. An additional deposit of$10,000 shall be required for projects <br /> requiring statutory redevelopment substandard tests. The applicant shall reimburse the city for <br /> professional services in excess of the initial deposit. Deposit portions not utilized shall be refunded. <br /> 2. City staff reviews the application for completeness and submits the application to the city's financial <br /> consultant for review and preparation of a financial analysis. <br /> 3. The Joint Finance Committee shall review the proposal's financial strength and makes a <br /> recommendation to the appropriate commission with findings of fact. <br /> 4. The appropriate authority reviews the proposal and the recommendation to determine conformance <br /> with this policy. The authority makes a recommendation to the City Council. <br /> 5. After meeting the statutory requirements for establishing the Tax Increment District,tThe City <br /> Council holds a Public Hearing and takes action on the proposal (Approximately 45-60 days). <br /> Page 4 of 8 <br />