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• <br /> AIwHILLS <br /> MEMORANDUM <br /> DATE: July 2, 2008 <br /> TO: Financial Planning and Analysis Committee 1 <br /> FROM: Sue Iverson, Finance Director U_ <br /> SUBJECT: Tax Increment Financing <br /> BACKGROUND <br /> Since Council directives have been that the Financial Planning and Analysis Committee will be looking at <br /> 411 Long-Range Financial plans and fund balances in the future, careful consideration should be given to Tax <br /> Increment Financing(TIF) and its effect on these plans and fund balances. TIF is an important tool used <br /> in economic development and redevelopment. Understanding TIF would give more insight to the <br /> committee on items to suggest or explore as we look at our own policies and plans. <br /> DISCUSSION <br /> Staff recently attended training with the Office of the State Auditor on Tax Increment Financing and <br /> Business Subsidies as they relate to TIF. Staff will present information to the committee on how to <br /> establish a TIF district, historical information, legislative intent, case studies on the use of TIF, and how <br /> to calculate tax increment. This presentation will give the committee a basis for which to work when they <br /> begin to review TCAAP data and to also incorporate impacts into the long-range financial plans and <br /> policies. <br /> ACTION <br /> No action is required. Staff will bring handouts to the meeting. <br /> • <br /> \\Metro-inet\ArdenHills\Admin\Committees\FPAC\7-2-08 TIF presentation memo.doc <br />