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Public Financing Tools Proposed <br />for Twin Lakes <br />Tax Increment Fivauang <br />■ Local governmental planningand financingtool since 1973 <br />■ Designed by the Legislatureto replacefederal urban renewal <br />programs <br />. �sic premise is the "but for" test <br />+ without munici�alassisl�rxe, a projectwould notoccur orwould not <br />acur within the foreseeable future <br />. Utilizesthe�rrM.+c. nart,xrtv�s.�irutromncK <br />8are�{.7trcto financequalifiedpublic improvementcosts relatedto <br />that developmerit <br />■ Requirescreationof a Project Area and adoptionof a Development <br />Program <br />. Requirescreationof aTIF District and adoption of aTIF Plan <br />Tax Increment Calculation & <br />Definitions <br />Exhibit 1. TIF Assessed Vaiue {AV) Over Project <br />••'i <br />F• , . <br />� �� �� <br />�- <br />y,� —•--.,.r � � <br />�: ��= �=� � <br />� i� y x <br />.. a��� . . <br />ti ��� ' �,,,,., <br />Tax Increment Calculation & <br />Definitions <br />�� <br />�� <br />. -�-� � ��� <br />W�N' L�i�� ; W �4 <br />w, .. � .,J. � <br />i�+� �...., , <br />�xti� �� <br />t• u.r.� •,� �.,�.� <br />. . Y5n0 � , c+aF+►�� i�*W����lrrr <br />Ms ��n � IiVF •••��� <br />c�r�rnr rnnicnT s�rxr• '�'�i <br />���� ���trF <br />T.�.ra ���.iv �ti�.�. <br />�/+~i-� . frMi7'FFIiT r a==r�" <br />���� .��� '1=�� 4� <br />^'"'ti='i �ti t� I w�++��r,� <br />� �� <br />��{'� �ia -- <br />�� I�• �� I�:iCR#Y <br />' �rQpgrrr. � ��- � . _ <br />Public Financing Tools Proposed <br />for Twin Lakes <br />■ Tax Increment Revenue Bonds <br />. Bondsrepaidwith new propertytaxesgeneratedfroma project <br />that has been constructed{i.e, tax incremerit) <br />■ Are not backed by the Clty's taxing power <br />Tax Increment Revenue Note <br />. Commonalternativeto issuanceof bonds <br />. Also referredto as "pay as you go" <br />. Developer paysfor eligiblecosts as they are incurred <br />. City issuesa revenue note to reimbursethe developerwith tax <br />incremeritwhen and if available <br />. City bears no risk <br />■ Developerbears riskthat insufficienttax incremeritwill be <br />regeneratedfor paymerit <br />� <br />