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CentervilleTIFDistrict1-8 <br />October4,2019 <br />Page 4 <br />ItemPlanSectionComments <br />differentdistricts,maybeestablishedwithinthe <br />boundariesoftheDevelopmentDistrict. <br />Conformance3.02.2Section3.02oftheTIFPlansummarizestheproposed <br />developmentandexplainshowthisdevelopmentis <br />withCityPlans <br />consistentwithlocalplansandpoliciesoftheCity. <br />TypeofDistrict3.03.3TIFDistrict1-8isahousingdistrict.TheDistrictwill <br />meetthestatutorycriteriaforahousingdistrictinthat <br />theCitywillrequiretheDevelopertomeetthenecessary <br />incomerequirementsforaqualifiedresidentialrental <br />project(20%oftheunitsleasedtopersonat50%ofAMI). <br />DistrictBoundary3.03.2TheTIFDistrictincludeseight(8)parcels.Theparcelsare <br />currentlyownedbytheCity.TheCityplanstosellthe <br />propertytotheDeveloper.Thepropertywillbeplatted, <br />likelyintooneparcel.Theplattingofthepropertywill <br />occuraftertheestablishmentoftheTIFDistrict.Platting <br />ofpropertyandchangeinparcelidentificationnumbers <br />oftenoccurswithintheboundariesoftaxincrement <br />districts.Thisisallowableandprovisionsforhowthisis <br />handledbytheCountyAuditorareincludedintheTIF <br />Act. <br />EstimatedTIF3.04.1Theprojecteddevelopmentisestimatedtocreateannual <br />andProjectCoststaxincrementrevenueof$100,189inthefirstyearofthe <br />3.04.2 <br />TIFDistrictoruponcompletionofdevelopment.This <br />amountisbasedonthefollowingfactors: <br />Totalestimatedmarketvalueofthepropertyafter <br />developmentof$6.36million.Thisamountisless <br />thantheDeveloper’stotalpreliminaryestimated <br />constructioncostofapproximately$10.15million, <br />whichisthetypicalcaseforthesetypesofprojects. <br />Classificationofthepropertyas4a(market-rate <br />apartments). <br />TheoriginalnettaxcapacityvalueoftheTIFDistrict <br />willbebasedonthecurrentmarketvalueofthe <br />propertyfortaxespayablein2019.Thepropertyis <br />taxexemptatthistime.Aproperty’snettaxcapacity <br />isdeterminedbymultiplyingtheproperty’staxable <br />marketvaluebytherelevantclassrateorrates.Class <br />5 <br /> <br />