2016-08-29_EDA_Agenda_Packet - Laserfiche WebLink

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8b. Attachment B 4.CITY’S OBJECTIVEFOR THE USE OF PUBLIC FINANCING 1 2 3A.As a matter of adopted policy, the City mayconsider using public financing 4which may include tax increment financing(TIF), tax abatement, bonds, and other 5forms of public financingas appropriate,to assist private development projects 6when such assistance complies with all applicable statutory requirements to: 7 81.Remove blight and/or encourage redevelopment in designated 9redevelopment/development area(s) per the goals and visions established by 10the City Council and EDA. 11 122.Diversify the local economy and tax base. 13 143.Encourage additional unsubsidized private development in the area, either 15directly or through secondary “spin-off” development. 16 174.Offset increased costs for redevelopment over and above the costs that a 18developer would incur in normal urban and suburban development 19(determined as part of the But-For analysis). 20 215.Facilitate the development process and promote development on sites that 22could not be developed without this assistance. 23 246.Retain local jobs and/or increase the number and diversity of quality jobs 25 267.Meet other uses of public policy, as adopted by the CityCouncil from time to 27time, includingbut not limited topromotion of quality urban design, quality 28architectural design,energy conservation, sustainable building practices,and 29decreasing the capital and operating costs of local government. 30 5.PUBLIC FINANCING PRINCIPLES 31 32 33A.The guidelines and principles set forth in this document pertain to all applications 34for City public financing regardless ofwhether they are considered a Business 35Subsidy as defined by the Statutes. The following general assumptions of 36development/redevelopment shall serve as a guide for City public financing: 37 381.All viable requests for City public financingassistance shall be reviewed by 39staff, and, if staff designates so, a third party financial advisor who will inform 40the City of its findings and recommendations. This process, known as the 41“But For” analysis is intended to establish the project would not be feasible 42but for the City assistance. 43 442.The City shall establish mechanisms within the development agreement to 45ensure that adequate checks and balances are incorporated in the distribution 46of financial assistancewhere feasible and appropriate, including but not 47limited to: 48a.Third party “but for” analysis 49