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CentervilleTIFDistrict1-8 <br />October4,2019 <br />Page 5 <br />ItemPlanSectionComments <br />ratesaresetbystatute,varybypropertytype,and <br />areuniformstatewide.Forpurposeofcalculatingtax <br />increments,theCountyAuditorwillsettheoriginal <br />nettaxcapacityvalueoftheTIFDistrictbasedonthe <br />futureuse(apartments). <br />Theestimatedlocaltaxrateof134.74%intheTIF <br />Planisbasedontaxratesfortaxespayablein2019, <br />includestheCity,County,School,andotherlocal <br />taxingjurisdictionstaxratespursuanttothe <br />provisionsintheTIFAct.Thisrateisusedto <br />estimatethefuturetaxincrements.Uponrequestto <br />theCountyAuditortocertifytheTIFDistrict,andthe <br />anticipatedtimingoftherequest,itisanticipatedthe <br />finalcertifiedtaxratefortheTIFDistrictwillbe <br />basedonthelocaltaxratefortaxespayablein2020. <br />Theactualestimatedmarketvalueofthepropertywillbe <br />setbytheAssessoraftercompletionofconstruction. <br />Changesinpropertyvaluesandtaxrateswillalterthe <br />amountoftaxincrementrevenuefromyear-to-year.The <br />TIFPlanincludesestimatesforplanningpurposesonly. <br />UsesofTIF3.04.2TaxincrementrevenuewillbeusedtopayProjectCosts <br />relatedtodevelopmentoftheProperty.TheTIFPlan <br />3.04.3 <br />providesforthereimbursementofupto$1.35millionof <br />3.04.4 <br />ProjectcoststobeincurredbytheDeveloper.TheProject <br />Costincludeupto$350,000forland,$33,840for <br />3.04.5 <br />constructionofaffordablehousing,and$350,160for <br />improvementsrelatedtoadjacentpublicstreets,trailre- <br />route/extension,andpublicboulevardimprovements, <br />alongwithreimbursementofcertainutilitycostsinthe <br />amountof$616,000. <br />TheCitywillreservetherighttoretainupto10%of <br />annualtaxincrementrevenuetopayforCity <br />administrativeexpenses.However,theCityanticipatesit <br />mayagreetoretainalessoramountof5%toreimburse <br />administrativecosts. <br />ReimbursementofProjectCostswillbeonapay-go <br />basis.AstaxincrementiscollectedbytheCityonasemi- <br />annualbasiswithdistributionoftaxesfromtheCounty, <br />6 <br /> <br />