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The Public Approval Process: There is a lengthy public review process that includes <br />a series of tests and public hearings that must be performed prior to the establishment <br />of a TIF district. One of the most controversial parts of that review relates to the "but <br />for" test. Before a city can certify a tax incrementfinancing district, it must make a <br />finding that "but for" public intervention and subsidy, the development would not have <br />occurred. <br />Create redevelopment�y� <br />✓Determine geographical <br />boundaries <br />�Fiud;ngofblightor The TIF Process <br />s' uticant econoinic bene£t <br />r <br />� , � <br />✓Bstunatc project timeluie <br />and project costs <br />✓&stablish tau base, revenue i <br />increment, and debt financiug A <br />Determine polices <br />project ✓Indude special featuxes ' <br />��i���7��,' ✓Establish evaluation Manage consttuction <br />+� fkrr�C requirements and terminati process <br />+f E.r,�,�s����u• date �{}�k�y� �ix1 <br />beneYits ^ ✓Prepa� site <br />✓Financial • <br />✓Construcrion <br />Yeasibility � ✓Post-cot3struction <br />✓rizea eligibility <br />✓Public-Private � <br />partnerships <br />� <br />■ <br />� ! <br />� � <br />� <br />I <br />V <br />FORMCILATION ' <br />Conduct public disclosure <br />1Public hearings <br />✓Iuvolve affecud districts <br />Get political and le�al approvals <br />�Drw� �u�+' ocd'uiazues <br />✓pcaYt public-private sector <br />agreements <br />management <br />Manage project #"mances <br />�i��ue debt instruments <br />✓Establish tax base and tau <br />rates <br />�clrnhwi�r receipt and <br />distribution of tax increments <br />✓Generate t�c increment to <br />meet debt sereice payments <br />� <br />Dissolve tax <br />increment <br />h; �r; rr <br />✓Ecaluatc <br />project <br />✓To�al assessed <br />vahi� base and <br />incremental, now <br />belong to <br />averlappiug <br />goveriunents <br />Tax IncrementNeeded to Encourage Reinvestmentin Developed Cities - Even <br />though Roseville is a first ring suburb, it has been able to effectively compete with <br />newer suburbs with vacant land through the use of tax increment financing. Since <br />Roseville is 98% developed there is a need to continuously encourage reinvestment in <br />older areas that developed in the 1950-60's in both industrial areas and in the older <br />housing areas. The costs of redevelopment include high land purchase prices, <br />demolition of existing buildings, hazardous waste clean-up, relocation and new <br />infrastructure. These added costs of development put Roseville at a competitive <br />disadvantage. V�(thout the use of TIF, development would continue to sprawl to less <br />costly greenfields to the north. I n order to continue to compete with the outer tier <br />� <br />