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� <br />�J <br />1. <br />2. <br />3. <br />4. <br />ECOIdOt�'�IC DEVELOp��Ir^�NT POLICY II�IPL'�1�1EP1TATI01`I GUTDLLIId�S <br />R�vis�d t-larch 1?� . 1988 <br />t��at �o�s the City Gonsider to i�e a comm�rcial t�rrget ar�a <br />�.�here tax il�cr�,,ient runds can bp utiliz�d? <br />Areas in tahich tax increm�nt assistance can be provided for <br />co�nmercial purpos�s a.ncluc3e t►ze 35,�� corridor (east and wes� <br />side), the new �-2 bridge corridor between 3& and County <br />Road C, and th� new County Road C stu�y area. (see �nap) <br />[�1hat is the City's vision o� the target area? <br />The City will continue to encourage intensity in th� <br />targeted area. In instances where pro�osals do not ;��e� <br />City gua.deli.nes for int�nsity, tl�ey should not be <br />encouraged. Intensity is defined as those ite�ms r�lating to <br />square footage, tax base� and emplo,yrnent. <br />�_ -� _� � •• � �• �. <br />Dased on the �act that the City has made a multiplic��y oF <br />housing types a:najor �riora.ty, tax incremer�t will be <br />consiciered anyc��here throughout the City, if de��med <br />appropriate �y the City Council, for laousing �urpos�s, <br />�- � � . u � . .� _ �� .�• .. t <br />Tne City's ;�referred metk�ods will conkinue to be the �ay�a�- <br />you-go a�proach, and the loan anproach. Pay-as-yau-go doe� <br />not involve the issuance of any oon;]s, and thus �lirninates <br />the City's exposure in any particular deal. <br />Th� loan approach involves the sale o� �ax exempt bonds, and <br />loaning the proceeds to tl�e developer ��hich, in �urn, ca;��s <br />back to the City wi�h interest. This lessens the bonding <br />risk in that th�re are t���o income s�reams that can be <br />utiliaed to mee� oond payments. Only in sp�cial, unique <br />situations should "up front" assistance be considered; <br />ho��rev�r, innovative combinations may �e r�asonable in som� <br />instances. Tax incr�ment will be used only in instances <br />where d�velopers can make a"case" tha� i� is neecled. Need <br />is based on such criteria as larid cost per sq. foot, land <br />cost per unit, and/or rent targets. <br />