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()- <br />TAXINCREMENTFINANCINGHOUSINGDISTRICTNO.18 <br />- <br />ARTICLEIIITAXINCREMENTFINANCINGPLAN <br />SECTION3.01STATUTORYAUTHORITY <br />TheTIFDistrictandtheTIFPlanareestablishedundertheauthorityoftheTIFAct. <br />SECTION3.02PLANNEDDEVELOPMENT <br />3.02.1ProjectDescription <br />TheDeveloperproposestodevelopanapproximate1.6acresitelocatedwithinthe <br />DevelopmentDistrict.TheProjecttobeconstructedisanapproximate53unitapartment <br />buildingwithasmallretailcomponent,withsurfaceparkingspacesplusdetachedgaragebays. <br />TheproposedsiteforthebuildingisonvacantlandownedbytheCitylocatedatCenterville <br />RoadbetweenSorelStreetandHeritageStreet. <br />3.02.2CityPlansandDevelopmentProgram <br />InadditiontoachievingtheobjectivesoftheDevelopmentProgram,theproposeddevelopment <br />isconsistentwithandworkstoachievethedevelopmentobjectivesoftheCity.TheTIFPlan <br />fortheTIFDistrictconformstothegeneralplanfordevelopmentorredevelopmentoftheCity <br />asawhole.TheCityhasadoptedlandusecontrolstoguidetheuseofproperty.Theproposed <br />developmentplansfortheprojectintheTIFDistrictwillbesubjecttoreviewbythePlanning <br />CommissionandtheCityCouncil. <br />3.02.3LandAcquisition <br />TheCityownsthelandintheTIFDistrictandplanstosellthepropertytotheDeveloperforthe <br />Project.Thepropertytobeconveyedislegallydescribedasfollows: <br />•NEWLEGALDESCRIPTIONWILLBEINSERTEDHEREINFINALPLANPRIORTO <br />CERTIFICATIONREQUESTTOTHECOUNTYFORTHETIFDISTRICT <br />ThepropertytobesoldincludesthefollowingeightparcelsattimeofestablishmentoftheTIF <br />District: <br />•23-31-22-23-0011 <br />•23-31-22-23-0010 <br />•23-31-22-23-0009 <br />•23-31-22-23-0008 <br />•23-31-22-23-0007 <br />•23-31-22-23-0014 <br />•23-31-22-23-0006 <br />•23-31-22-23-0005 <br />3.02.4DevelopmentActivities <br />AsofthedateofapprovalofthisTIFPlan,therearenodevelopmentactivitiesproposedinthis <br />TIFPlanthataresubjecttocontracts. <br />3.02.5NeedforTaxIncrementFinancing <br />InvariousmaterialstheDeveloperhasdemonstratedthattheproposeduseoftaxincrement <br />housingandassociatedinfrastructurerequiredtosupportthefacility.Withouttheproposed <br />assistance,theseinitialup-frontcostswouldmakeitinfeasiblefortheDevelopertobeable <br />opinionoftheCitythattheProjectwouldnotreasonablybeexpectedtooccursolelythrough <br />privateinvestmentwithintheforeseeablefutureandthattheincreasedmarketvalueofthesite <br />DRAFTFORPUBLICHEARINGOCTOBER9,20195 <br />16 <br /> <br />