2024-06-12 CC Packet - Laserfiche WebLink

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()- TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 - ARTICLE III TAX INCREMENT FINANCING PLAN SECTION 3.01 STATUTORY AUTHORITY The TIF District and this TIF Plan are established under the authority of the TIF Act. SECTION 3.02 PLANNED DEVELOPMENT 3.02.1 Project Description The City desires to promote redevelopment of property within the boundaries of the TIF District and the Development District. The Developer is proposing to redevelop certain land within the TIF District by constructing an approximately 104-unit market rate apartment building with underground parking. 3.02.2 City Plans and Development Program In addition to achieving the objectives of the Development Program, the proposed development is consistent with and works to achieve the development objectives of the City. The TIF Plan for the TIF District conforms to the general plan for development or redevelopment of the City as a Commission of the City have reviewed the Development Program and found that the TIF Plan is consistent with the goals of the Comprehensive Plan and zoning ordinances and serves to promote the development objectives for the City. 3.02.3 Land Acquisition The City does not anticipate acquisition of land within the TIF District by the City, but reserves the authority to acquire and sell any and all parcels within the TIF District. 3.02.4 Development Activities As of the date of approval of this TIF Plan, there are no development activities proposed in this TIF Plan that are subject to contracts. The City Council anticipates approving a TIF Assistance Agreement with the Developer (the “Development Agreement”) for the Development. 3.02.5 Need for Tax Increment Financing In the opinion of the City, the Development would not reasonably be expected to occur solely through private investment within the foreseeable future and the increased market value of would be less than the increase in the market value estimated to result from the proposed Development after subtracting the present value of the projected tax increments for the A comparative analysis of estimated market values both with and without establishment of the TIF District and the use of tax increments has been performed as described above and is shown in Exhibit I. • The Development is located in a residential and commercial area of the City that includes parcels that have been found to be occupied by blighted buildings and under-utilized areas which are a detriment to redevelopment by the private sector. Such conditions render properties within the TIF District unsuitable for redevelopment due to the excessive costs involved with redevelopment. It is only through a coordinated and comprehensive development expenses that private redevelopment will occur. • DRAFT AS OF JUNE 5, 2024 5