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Ll <br />March 23, 1987 <br />TO: Jim Andre <br />J <br />FROM: Craig Waldron <br />SUBJECT: C. G. REIN TAX INCREMENT DISTRICT <br />Rein stated, at the March 9 Council meeting, that the strip <br />C. G. R thus <br />center developme.,t would go ahead indingtforxthisrparcel. Briggs <br />negating the req,lred "but for f ro riate to drop <br />and Morgan has informed nt distri.ctfor <br />that it would <br />G. Rein. I concur with <br />the proposed tax increme <br />' recommendation, and have withdrawn andltheeCouncilnon <br />BriggsCommission on p <br />notices for the Planning <br />April 13• and the <br />a district for C. G. Rein, <br />The basic premise in creating roved, was to enhance the <br />last few districts that have been <br />nPptled "Summary of Bond <br />Cityrs bond. pool. Attachment I, e <br />�� 's from a November 22, 1985 memo that.depictehis suthe <br />City's <br />Issue, i <br />proposed bonding significant mmitmentsothat the City has made <br />points out the sbondin repayment. The bond issue was <br />with respect to bonding and their <br />11 less than depicted on Attachment I, based on a smaller <br />actually <br />subsidy for Woodbridge. <br />properly retire these bonds, the City has developed a <br />In order to p ropnticipates increment from <br />comprehensive, pooled district that aand subsequently come on line at different <br />proiects to be developed period. if any of the projects did not <br />times over a twelve year p, could be forced to levy to meet the <br />develop as proposed, the City 's strategy to bring in <br />payments. Therefore, it was the City <br />additional districts that would meet theinitialt"buafoorementioned <br />adds <br />yet provide surplus <br />Pnot proceednt in the event <br />development did <br />example, if Woodbridge were unable deaer°pednfrom thenot <br />newmove <br />For project based on increment <br />forward with its p j <br />stricts, the City would not initially be forced to levy a tax. <br />di a new developer into a distressed <br />This would allow time to bring to schedule, the City <br />site. if all developments moved according <br />certify the <br />new <br />ts, and <br />woul <br />d be in a position to ded nedithatcshortfallsace <br />them on the tax rolls once it was asce <br />would not be experienced. <br />* for" tax increment, the development <br />The City has to show "but <br />would not proceed. <br />Attch. <br />