2024-06-12 CC Packet - Laserfiche WebLink

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TABLE OF CONTENTS .........................................................1 Section 1.01 Introduction ......................................................................................1 .........................................................................................1 Section 1.03 Plan Preparation ...............................................................................2 ....................................2 Section 2.01 Overview ...........................................................................................2 Section 2.02 Statement of Objectives ...................................................................2 Section 2.03 Boundaries of Development District .............................................3 Section 2.04 Development Activities ...................................................................3 Section 2.05 Payment of Public Development Costs .........................................4 Section 2.06 Environmental Controls; Land Use Regulation ...........................4 Section 2.07 Park and Open Space Created ........................................................4 Section 2.08 Proposed Reuse of Property ...........................................................4 Section 2.09 Administration and Maintenance of Development District ......4 Section 2.10 Amendments .....................................................................................4 .......................................................5 Section 3.01 Statutory Authority ..........................................................................5 Section 3.02 Planned Development .....................................................................5 3.02.1 Project Description ......................................................................................5 3.02.2 City Plans and Development Program ....................................................5 3.02.3 Land Acquisition .........................................................................................5 3.02.4 Development Activities ..............................................................................5 3.02.5 Need for Tax Increment Financing ...........................................................5 Section 3.03 Tax Increment Financing District ...................................................6 3.03.1 Designation ..................................................................................................6 3.03.2 Boundaries of TIF District ..........................................................................6 3.03.3 Type of District ............................................................................................6 3.03.4 Fiscal Disparities Election ..........................................................................7 Section 3.04 Plan for Use of Tax Increment ........................................................7 3.04.1 Estimated Tax Increment............................................................................7 3.04.2 Public Development Costs .........................................................................7 3.04.3 Estimated Sources and Uses of Funds .....................................................7 Figure 3-1 ......................................................................................................8 3.04.4 Administrative Expense .............................................................................8 3.04.5 County Road Costs .....................................................................................8 3.04.6 Bonded Indebtedness .................................................................................8 3.04.7 First Year of Tax Increment Election and Duration of TIF District ......9 3.04.8 Estimated Impact on Other Taxing Jurisdictions ...................................9 3.04.9 Prior Planned Improvements ..................................................................10 .............................................................10 ..................................................................10 ..................10 Section 4.03 Correcting Redevelopment Conditions ......................................11 Section 4.04 Four Year Knockdown Rule ..........................................................11 Section 4.05 Five Year Rule and Six Year Rule .................................................11 Section 4.06 Financial Reporting and Disclosure Requirements ...................12 Section 4.07 Business Subsidy Compliance ......................................................12