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6/12/2019 <br />Administration <br />VIII.1 <br />Tax Increment Financing District <br />Since the city council and EDA elected to work with Trident Development on the Block 7 redevelopment, staff <br />and consultants have been negotiating the framework of a project financing plan with them. At this point, staff, <br />consultants and the developer are ready to present that proposed plan to the City Council. Attached, is a memo, <br />from our fiscal consultant, explaining the Tax Increment Financing district on which the plan would rely. Also <br />attached is a proposed schedule for the creation of that district and a resolution calling for the necessary public <br />hearing. <br />There is still plenty of work to be done in negotiating the design of the building and site, but beginning this <br />process allows us to establish what project funds would be available to work with. <br />$1.3 Million over 20 years, collected as Tax Increment and paid on a "pay-go" basis <br />Motion to adopt resolution 19-0XX, calling for a public hearing on the establishment of TIF District 1-8. <br />Staff Memo, schedule <br /> <br />