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,. �. � � <br />r ��� <br />� As can be seen from the above list the "payback" to the �City on <br />projects initiated by TIF is very short--gener�lly under ten <br />years. Of course, the School DAstricts �and the County <br />to �eceive the �taxes ori inall �ontinue <br />g y paid on the parcels. As the tax <br />i�ncrement iinancing bonds are paid of�, we intend �to place t�.e <br />properties back on the tax ro11s. <br />Please understa�d that th�ere are many influenc�s which restrict <br />the total amount of ta�c increment financ�.ng bonds tha� the C�.ty <br />can issue. The City�s bonci rating will be ad�rersely affec�ed if <br />we allow �ax incremerat financing �o exceec� a reasonabl� level and <br />th� existing State Statut� req�iires a solid "but �or�� explanation <br />of a need fcar �ax increment, which i� oiten debated at the City <br />�ounca.l level . <br />In �ddition, please understand that cities, r�o� th� Caitn�� or the <br />State, �re r�sponsib].e for local ecanamic development. T�� <br />ir��rement financia�g is the only available �ool from znos� <br />c�mmuniti�s to address their �.ocal needs. Any further State <br />restrictions t�at limit the use of �,ax increment financing wilY <br />affect aur ability �p genera�te local economi� �4�velopment <br />projects ar�d advers�l� aff�c� the long-te� health of th� Ci�y ot <br />RQsevi].1Q, <br />Y�ux care€ul c�nsi.d�ratian of this issue is appreciated. Shaulc� <br />you n�ed any addi�iot�al in�or°mation, please let me knowv <br />� Respec�f�ally submitted <br />r <br />�� <br />