2024-06-12 CC Packet - Laserfiche WebLink

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()- TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 general governmental purposes. 3.04.9 Prior Planned Improvements There have been no building permits issued in the last 18 months in conjunction with any of the properties within the TIF District. The City will include this statement with the request for then the County Auditor would increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for which a building permit was issued. – ARTICLE IV ADMINISTERING TIF DISTRICT SECTION 4.01 FILING AND CERTIFICATION 1. Upon adoption of the TIF Plan, the City shall submit a copy of the TIF Plan to the DOR and the OSA 2. The City shall request that the County Auditor certify the original net tax capacity and net tax capacity rate of the TIF District. To assist the County Auditor in this process, the City shall submit copies of the TIF Plan, the resolution establishing the TIF District and adopting the TIF Plan, and a listing of any prior planned improvements. 3. The City shall send the assessor of the County any assessment agreement, if so applicable, establishing the minimum market value of land and improvements in the TIF District, and shall request that the assessor review and certify this assessment agreement as reasonable. SECTION 4.02 MODIFICATIONS OF THE TAX INCREMENT FINANCING PLAN The City reserves the right to modify the TIF District and the TIF Plan. Under current state law, the following actions can only be approved only after satisfying all the necessary requirements Reduction or enlargement in the geographic area of the Development District or the TIF District. Increase in the amount of bonded indebtedness to be incurred. Increase in the amount of capitalized interest. Increase in that portion of the captured net tax capacity to be retained by the City. Increase in the total estimated Public Development Costs, not including the cost of Designation of additional property to be acquired by the City. and (2) the current net tax capacity of the parcels eliminated equals or exceeds the net tax capacity of those parcels in the TIF District’s original net tax capacity, or the City agrees that the TIF District’s original net tax capacity will be reduced by no more than the current net tax that reduces or enlarges the geographic area of the TIF District. The geographic area of the TIF DRAFT AS OF JUNE 5, 2024 10