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The request from Council <br /> <br />1. A request to bring the questions #2& #3 to a public hearing for a formal vote? <br />2. Will the city donate a small portion of land back to PID # 75-134-2305 (see attached <br />highlighted area on Exhibit A)? <br />3. Will the city work with our team to support a 20 yr. TIF district #28 pay as you go? Per page <br />4 of TIF policy. <br /> <br />Below is page 4 of the TIF policy <br />1. Assistance for TIF is required to meet the uses identified by statute <br />including, but not limited to the 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 />2. The preferred method of TIF is pay-as-you-go for eligible costs as <br />reimbursement, upfront financing maybe considered on a case-by- <br />case basis. <br />3. A maximum of ten percent (10%) of any tax increment received <br />from the district shall be retained by the city to reimburse <br />administrative costs. <br />4. All TIF assistance must be accompanied by a signed development <br />agreement including a minimum assessment value. The developer <br />must provide additional financing guarantees to ensure completion <br />of the project, including, but not limited letters of credit, <br />personal guarantees, corporate guarantees, etc. <br />5. <br />meet the project needs. Only projects exceeding the objectives <br />identified in this policy will be considered to exceed the following <br />general thresholds: <br /> Redevelopment District 15 Years (Max is 26) <br /> Housing District 15 Years (Max is 26) <br /> Soils Condition District 15 Years (Max is 21) <br /> Renewal and Renovation District 10 Years (Max is 16) <br /> Economic Development District 8 Years (Max is 9) <br />th <br />905 6 --2197 <br />