Laserfiche WebLink
<br />. <br /> <br />F_ <br /> <br />. <br /> <br />. <br /> <br />Revised Policy incorporating <br />city attorney's modifications <br /> <br />4_ <br /> <br />The base tax increment for this redevelopment, which could equal up to <br />$200,000 per year, will provide the City a revenue starting point for <br />increased local services. <br /> <br />5. The City will target up to 5% of tax increment for administrative purposes. <br /> <br />6. The City will target up to 10% of tax increment to be used for capitalizing <br />a City wide redevelopment fund <br /> <br />G_ <br /> <br />The City will construct a Master Development Agreement that will serve as the <br />basis for future individual development agreements. This Agreement will <br />construct the outline for future business transactions such as minimum values, <br />employment, phasing, qualified costs and the conditions that addresses the <br />business term considerations of both the developer and the City. <br />The City should attempt to certify the TCAAP area as a 26 year redevelopment <br />area to allow for maximum financial flexibility <br />The City will consider fees on new construction, as needed, to serve as a revenue <br />source to construct necessary TCAAP capital improvements. An example of this <br />would be the creation of a Water Accessibility Charge (WAC) that could be used <br />for a water tower, lift stations and the like. The City will attempt to have new fee <br />structures applicable in the TCAAP area only. <br />To assist reducing TCAAP project expenditures, the City will consider issuance <br />of general obligation bonds for infrastructure improvements. The purpose of these <br />bonds would be to provide below market financing for improvements and would <br />be paid back through a contractually agreed upon special assessment payment <br />process. The City views that these types of bonds provide minimal risk to the <br />City's tax payers since assessments ofthese types are liens on property that are <br />senior to any type of mortgage. <br />The City shall proactively attempt to minimize the amount of tax increment <br />needed through the pursuit of grants, special legislation, innovative solutions in <br />structuring the deal, and other funding mechanisms_ It is recognized that capital <br />improvement grant sources can not be successfully sought until the project <br />achieves more finality, e.g., signing of various development and early transfer <br /> <br />H. <br /> <br />1. <br /> <br />J. <br /> <br />Page 7 of9 <br />