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Must demonstrate retention of local businesses, increased employment or preservation or <br /> enhancement of the state tax base, etc. <br /> Maximum duration of TIF district is 8 years from receipt of the first tax increment. <br /> May be used for commercial facilities not exceeding 15,000 square feet in Cities with <br /> populations of 5,000 or less located at least 10 miles outside of a City with a population <br /> of 10,000 or more. Other than administrative expenses, all increments must be spent <br /> within the TIF district. <br /> Expanded Rules for any type of development if construction commences by July 1, 2011 <br /> and certification of district is requested by June 30,2011. <br /> Compact Development District: <br /> May be used to redevelop property where 70 percent of the parcel is industrial or utility <br /> property. <br /> The project must result in an increase of square footage of industrial or utility property by <br /> three times or more over its current level. <br /> Must be approved before June 30, 2012. <br /> In order to establish a TIF district, a specific process must be followed including the following: <br /> 1. A Development Program or Redevelopment Pian (depending on statutory authority used) <br /> must be prepared. This sets forth the general goals for the development or redevelopment <br /> project area. <br /> . A Tax Increment Financing Plan must be prepared. This sets forth the specific project(s) <br /> to be undertaken, costs involved, and revenues projected, and is the guiding document for <br /> the proposed project. <br /> 3. A public hearing on the TIF Plan and district must be conducted. Notification of the <br /> public hearing must be published 10-30 days prior to the hearing. <br /> 4. A TIF district "fiscal and economic impact" letter must be received by the County and <br /> school district at least 30 days prior to the public hearing. <br /> 5. The City planning commission must review the TIF Plan and Development Program prior <br /> to City approval. <br /> 6. At the public hearing, all interested parties are invited to express their opinion(s). <br /> 7. Subsequent to the public hearing, the City must approve or reject the TIF Plan and <br /> district. <br /> 8. Upon approval, the City must request County certification of the original value of the TIF <br /> district which will begin the tax increment collection process. <br /> 9. Actual project expenditures may not be made until the TIF Plan is adopted and the TIF <br /> district is established. <br /> 22 <br />