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EDA Public Hearing on TIF No. 12 <br />Page 4 <br />$80,000 TIF Grant times 10 percent equals $8,000 "local contribution" <br />• According to some legislative experts, the alternative to opt out of the local <br />government aid penalty is the best news in years. While the exact <br />information is unknown at this writing, additional details for this option are <br />being explored at staff level. <br />TIF Review and Notices <br />Since the May 8 meeting, the writer of this memo has completed the review <br />exercises necessary to honor the Mowry/Neos request for tax increment <br />financing assistance. Components of the exercise include the distribution of <br />TIF Plans to the School District and County Board, presentation to the <br />County Board, Planning Commission review of the Tax Increment Financing <br />Plan, and TIF hearing notices published in the Star News. <br />Lastly, the City Council will conduct its public hearing on the TIF request on <br />June 19, 1995. <br />Action Requested <br />After conducting the public hearing on the TIF Plan for TIF District No. 12, <br />the EDA is asked to adopt the attached Resolution. <br />• <br />