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CityofCenterville <br />TIFAssistanceforHousingProject <br />July11,2019 <br />Page 2 <br />FtubcmjtinfoupgbUbyJodsfnfouGjobodjohEjtusjdu <br />TheestablishmentofaTIFdistrictwouldallowfortheCitytocapturetheincreaseinpropertytaxes <br />generatedfromtheProject(the“taxincrements”)foralimitednumberofyears.Basedonthe <br />Developer’srequestforassistance,theCitymaydeterminetolimitthedurationtoamaximumterm <br />of20years(19yearsafterthefirstyearoftaxincrementcollection),whichislessthanthemaximum <br />26yearsallowedbyStatelaw. <br />Preliminarytermsofassistanceforfurtherconsiderationincludethefollowing: <br />Maximumdurationof20yearsfortheTIFdistrictandassistancetotheDeveloper <br />Reimbursementofamaximumof$1,300,000ofTIFeligibleprojectcosts(estimatedtoinclude <br />$350,000forlandand$950,000forsiteimprovements) <br />EstimatedaverageannualtaxincrementcollectedfromtheProjectforlifeoftheTIFDistrictis <br />approximately$110,000(collectedonsemi-annualbasiswithadvalorempropertytaxes)ora <br />futurevalueofapproximately$2,237,000 <br />Citytoretain5%ofthetaxincrementscollectedtocoveradministrativecostsfortheTIF <br />district <br />ToproceedwithconsiderationoftheDeveloper’srequest,thefirststepistocallforapublichearing <br />andnoticefortheestablishmentoftheTIFdistrict.AwrittenplanfortheproposedTIFdistrictwill <br />bepreparedbyNorthlandanddistributedtotheCountyandSchoolDistrictatleast30-dayspriorto <br />thepublichearingdate.AftertheTIFdistrictisestablished,theCitymayenterintoadevelopment <br />agreementwiththeDeveloperwiththespecifictermsfortaxincrementfinancialassistance.The <br />considerationofaresolutionapprovingadevelopmentagreementmayoccuratthesamemeeting <br />followingthepublichearingandtheapprovalofaresolutionestablishingtheTIFdistrict. <br /> <br />