2A, Memo and Minutes - Laserfiche WebLink

Home Browse Search

Struck Items per 3/29/2010 Meeting Recommendation for Creating a TIF Evaluation Process Develop TIF Spending Guidelines In order to better manage TIF financing decisions over the long term we recommend the City debate and set into policy a limit-guideline on the total projected tax capacity of all tax increments in the City. Without a specific need we believe the City should limit the total projected tax capacity of all tax increments to not exceed 3/4 of the state average of 6.4%. This Iwould mean a 4n uideline for projected tax capacity for all tax increments in the City not to exceed 5%. TIF 1' 't split between f T A A D and the Fest .file om,_ rlise the TIF t •' 0 whieh would be 13,%. At the same!ime we fecommend b the Fest of the City to half the st.-ate . Therefore. i di T(`A A F we feeommend the following 1;.+.;+�• TC A A n i not Rest of the City 30,'o T 13,0 We also recommend that any proposed change of this allocation be done by a 5/7 vote of the full • City Council. Develop measurement criteria We recommend that the city debate and approve a set of long-term criteria with which to weigh potential TIF projects. The City has already developed a vision statement. The Committee considered whether this might be adequate as long term measurement criteria. One could simply compare a development project to the City's stated long-term strategic goals. While the process would be a good first step, we feel that it is too broadly worded to be used as criteria and would lead to confusion from both developers trying to assess how the city will view their individual projects and citizens who wonder why a particular project is or is not approved. We recommend the city develop a set of more refined, long-term selection criteria with which to weigh development projects seeking TIF. We further recommend that developing these criteria be done outside the process of considering any individual project. This will help ensure, as best as possible, an independent view of the long-term needs and strategy of the City. These long-term criteria would then be integrated into the current process of evaluating business subsidies. Assign points We recommend using a point based assessment system. There are multiple ways to implement this, but the goal of any method should be that when a project is assessed it would be granted points relative to how much it met each criterion and how relatively important that criterion is. Page 3 of 6