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()- <br />TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 <br />3 <br />ExecutiveSummary <br />The following provides a summary of this report. <br />PURPOSE <br />The prospective developer of the LaLonde property at 1657 Westview Street <br />has entered into a Memorandum of Understanding with the City of Centerville, <br />outlining a proposed 90 – 110 unit, market rate apartment building, accompanied <br />by a request to explore the possibility of using Tax Increment Financing (TIF) to <br />help fund the project. <br />The purpose of this <br />report is to determine <br />whether the proposed <br />TIF district meets the <br />statutory requirements <br />for coverage and whether <br />the existing buildings in <br />the district meet the <br />qualifications required for <br />a Redevelopment <br />District, under state <br />statute. <br />SCOPE <br />The proposed TIF District <br />has a limited geographic <br />footprint due to the surrounding land uses, including a newer single family home <br />development to the north, the elementary school to the east and the lake to the <br />west. Main Street provides a logical barrier for the south edge of the district. <br />CONCLUSION <br />This report concludes that the proposed TIF District as shown herein meets the <br />statutory requirements for a , as outlined in Subdivision <br />10 of State Statute 469.174. Specifically, the requirements met are that at least <br />DRAFT AS OF JUNE 5, 202421 <br /> <br />