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<br /> <br />Page 2 of 8 <br />7. Offsets redevelopment costs (i.e. contaminated site cleanup) over and above the costs normally <br />incurred in development. <br /> <br />8. Aids the implementation of the Mississippi 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 /> <br />2. The use of TIF shall be in accordance with state law. The more restrictive language will apply when <br />a conflict exists between this policy and state law. <br /> <br />3. Projects must be consistent with the Comprehensive Plan and/or the Mississippi Connections Plan. <br /> <br />4. Projects must be consistent with the Strategic Plan for Economic Development and/or the most <br />recent Housing Study. <br /> <br />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 />6. The level of assistance provided will be determined on a case-by-case basis as referenced in Public <br />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 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 />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 />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. <br /> <br />3. A maximum of ten percent (10%) of any tax increment received from the district shall be retained <br />by the city to reimburse administrative costs. <br /> <br />4. All TIF assistance must be accompanied by a signed development agreement including a minimum <br />assessment value. The developer must provide additional financing guarantees to ensure completion <br />of the project, including, but not limited to: letters of credit, personal guarantees, corporate <br />guarantees, etc. <br />