2024-06-12 CC Packet - Laserfiche WebLink

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()- TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 otherwise pay or reimburse with interest the Public Development Costs of a tax increment SECTION 2.05 PAYMENT OF PUBLIC DEVELOPMENT COSTS Public Development Costs and the plan for their payment will be described in the tax Development Costs of the Development Program will be paid primarily from tax increment reserves the right to utilize other available sources of revenue, including but not limited to which the City may apply to pay a portion of the Public Development Costs. SECTION 2.06 ENVIRONMENTAL CONTROLS; LAND USE REGULATIONS All municipal actions, public improvements and private development shall be carried out in a manner consistent with existing environmental controls and all applicable land use regulations. SECTION 2.07 PARK AND OPEN SPACE TO BE CREATED Park and open space within the Development District, if created, will be created in accordance with the City’s Comprehensive Plan and zoning and subdivision ordinances. SECTION 2.08 PROPOSED REUSE OF PROPERTY The Development Program provides that the City or Authority may acquire property and reconvey the same to another entity. All parcels in the Development District are eligible for acquisition. In acquiring land, the City will require the execution of a binding development agreement with respect thereto and evidence that tax increment revenues or other funds will be available to repay the costs associated with the proposed acquisition of property. It is the intent of the City to negotiate the acquisition of property whenever possible. Appropriate restrictions regarding the reuse and redevelopment of property shall be incorporated into any development agreement to which the City is a party. SECTION 2.09 ADMINISTRATION AND MAINTENANCE OF DEVELOPMENT DISTRICT Maintenance and operation of the Development District will be the responsibility of the City Administrator or designee of the City who shall serve as administrator of the Development District for the City. Each year the Administrator will submit to the City the maintenance and operation budget for the following year. The Administrator will administer the Development District pursuant to the provisions of Section 469.131 of the Development District Act; provided, however, that such powers may only be exercised at the direction of the City Council. No action taken by the Administrator pursuant SECTION 2.10 AMENDMENTS The City reserves the right to alter and amend the Development Program, subject to the or reduce the size of the Development District, the Development Program and the Public Development Costs of the Development Program. DRAFT AS OF JUNE 5, 2024 4