2004_0719_Packet - Laserfiche WebLink

Home

3) The developer shall demonstrate that the project as proposed cannot be built without the use of a public investment incentive; it is understood that these projects would not be fmancially feasible without tax increment assistance from the City. 4) Assistance to promote community development objectives shall typically be in the form of pay-as-you-go tax increment financing. Each project will be evaluated on a case by case basis. The City Council reserves the right to provide up front subsidies for priority proj ects. 5) The project shall attempt to create more of a tax basis than it consumes in City, County, or School services. The public services (and the estimated costs) required by the proposed use shall be calculated. Within districts that are prohibited from pooling funds, any excess increment generated shall be returned to the School District and the County. 6) All new districts will not export funds, but may receive additional funds under the guidelines of Section 3. 7) The public shall have adequate legal notice of this proposal and been given an opportunity to review the project details before and during public hearings. The use of community polls may be considered to assess community interest in proposed infrastructure projects. 8) Significant new employment or housing choices shall be created at the site that will benefit a broad segment of our community. 9) The project shall enhance adjoining properties and create opportunities for further development. When an environmental problem exists within a proposed project, the developer shall reduce, correct, or eliminate said problem(s) on the site. 10) The project shall be compatible with the adjacent and nearby land uses, and shall be consistent with the City's Comprehensive Plan and zoning regulations. 11) The quality of the proposed building and site improvements shall meet or exceed City standards. 12)Project financing utilizing TTF shall consider alternative equity sources, the barriers to private sector involvement which make necessary the use of TIF and the project and fmancial guarantees which protect the City's investment. 13) Incentives may be in the form of loans, repayable to the City for other economic development activities. Such incentives may be used by the City to adequately compete with other communities to retain and/or expand head of household jobs when growth requires a building expansion or plant and equipment update. 14) Loans may only be considered as an incentive if tax increment is insufficient to create adequate tax increment to support the proj ect and shall demonstrate and provide surety and security as described in Subsection I. above.