1997-09-24 - CC Packet - (Admin.)

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SECTION IV MODIFICATION TO T'I;E TAX INCRE.LIFNT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -3 Subsection A. Forward The following text represents. a 2.lodification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1.3. Tile rpodifi d Tax Increment Financing Plan represents a continuation of the goals and objectives sct frnlh in the Development Program for Development District No. I and the Tax Increment Financing Flan for Tae L,cre:nent Financing Distrct No. 1.3 ( "District No. 1- 3 )"). Generally, the substantive Chan es inciude the authority to Spend addlt?ona: t:i( 1ncrement.S ' veneI'iicd from Tax Increment FlnanCnlg District No 1 -3 b;: modifying the budget to iacili[ ;9i the purchase of $130,000 of land within the City of Centerville. For further infonniu n, a re v iew of the T1% Increment Financing Plan for Tax Increment Financing District No. 1.3, adopted Tune 21, 1989, is recommended- h k available from the City Coordinator's office of the Cin of Center vile. ptner relevant information is contained in the Deg elopment Program for Development District No. 1. Subsecti =on F. Property for Acou;sition L Any properties identified for acquisition will be acquired by the City only in order to accomplish ol;e or more of the following• aonn sewer improvements; provide land for needed public streets, utilities and facilities: cam out land acquisition, site improvemems, clearance. and/or development w accomplish the us s and objectives set forth in this plan. 2. The foIIrwing are conditions under which properties not designated to be acquired may be acquired The City may acquire property by gift, d dilation, condernnatim or direct purchase from willing sellers in order to achieve me ebjectil'es of this T -x Inctcraent Fittarwing Plan. Such acquisitions will be undertaken only when thct. is 3ssura, o.` funding to finance the acquisition and related costs. (As Modified September 24, 1997) The CitY hereby inc lilies t`te Plan to identify the following parcels for zcquisition: Parcel Numbers 23- 31 -22 -24 -0007 23- 31- 2232 -0015 Subsection G. Estimate of Costs Estimated cosy zssociated with Economic Devel:r•pment Tae Increment Financing District No. 1 -3 are sUblect to Change, The cOnt of all to be conNideicd for tax increrl]ent financing ib estlmaled to be 5661,200. (As Modified September 24, 1997) The estimate of costs is modified to add $330,000, for a total of $1,491,200. C',ty pt CLn'•c'='• .•i r.11ilgrOn to .b - Tax '.ntremcr.: Fmmntme Flzn for l'xi Incrcrnax Financing Untn_i No. 1.7 -I