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03-14-05
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03-14-05
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11/14/2006 4:23:30 PM
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<br />The City shall establish mechanisms within the development agreement to ensure <br />that adequate checks and balances are constructed in the distribution of financial <br />assistance, these include: <br /> <br />. <br /> <br />, <br /> <br />Third party review of the "but for" analysis. <br /> <br />, <br /> <br />Establishment of "look back provisions". <br /> <br />, <br /> <br />Establishment of internal tax increment administrative procedures. <br /> <br />o <br /> <br />Establishment of minimum assessment agreements. <br /> <br />. <br /> <br />The City will elect the fiscal disparities to come from inside the district to <br /> <br />eliminate any impact to the existing tax payers of the community. <br /> <br />. <br /> <br />The base tax increment for this redevelopment, which could equal up to $200,000 <br /> <br />per year, will provide the City a revenue starting point for increased local <br /> <br />servICes. <br /> <br />. <br /> <br />The City will target up to 5% of tax increment for administrative pmposes. <br /> <br />. <br /> <br />The City will target up to 10% of tax increment to be used for capitalizing a City <br />wide redevelopment fund <br /> <br />6A. The City will construct a Master Development Agreement that will serve as the basis for <br />future individual development agreements. This Agreement will construct the outline for <br />future business transactions such as minimum values, employment, phasing, qualified <br />costs and the conditions that addresses the business term considerations of both the <br /> <br />developer and the City. <br /> <br />7 A. The City should attempt to certify the TCAAP area as a ~ 26 year redevelopment area to <br />allow for maximum financial flexibility <br /> <br />8A. The City will consider fees on new construction, as needed, to serve as a revenue source <br /> <br />to construct necessary TCAAP capital improvements. An example of this would be the <br /> <br />creation of a Water Accessibility Charge (WAC) that could be used for a water tower, lift <br /> <br />Page 7 of9 <br />llEarthlAdminlCommitteeslEconomic Development CommissionlTax Increment Financing Policy - Copy with <br />Couocil and EDC Strikeouts and Bold Text.doc <br /> <br />. <br />
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