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<br />6. Removes blight and/or encourages redevelopment of commercial and industrial areas resulting in
<br />high quality redevelopment and private reinvestment.
<br />
<br />7. Offsets redevelopment costs (i.e. contaminated site cleanup) over and above the costs normally
<br />incurred in development.
<br />7.
<br />
<br />8. Aids the implementation of the Economic Development Strategic PlanMississippi Connections 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 />1.
<br />2.
<br />
<br />3.2. The use of TIF shall be in accordance with state law, which changes frequently. The more
<br />restrictive language will apply when a conflict exists between this policy and state law.
<br />
<br />4.3. Projects must be consistent with the Comprehensive Plan and/or the Mississippi Connections Plan.
<br />
<br />5.4. Projects must be consistent with the Strategic Plan for Economic Development and/or the most
<br />recent Housing Study.
<br />
<br />6.5. Preferred projects promote the completion of major public improvement projects within the city
<br />such as the installation of trunk sewer and water lines and major transportation projects.
<br />
<br />7.6. The level of assistance provided will be determined on a case-by-case basis as referenced in Policy
<br />ConsiderationsPublic Purpose.
<br />
<br />Based on the extent to which the project achieves the policy statements (1-6 above), the city will consider
<br />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 />8.1. 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 />9.2. The preferred method of TIF is pay-as-you-go for eligible costs as reimbursement, upfront financing
<br />maybe considered on a case-by-case basis.IF receipts shall be allocated as pay-as-you-go method.
<br />
<br />10.3. A maximum of ten percent (10%) of any tax increment received from the district shall be
<br />retained by the city to reimburse administrative costs. (Statutory Reference)
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