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2004_0920_Packet
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2004_0920_Packet
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Common Misconceptionsabout <br />Tax Increment <br />■ All taxes go to the c� or the developer <br />�,eality.. . <br />Tax increment is a portionof tYetotal taxes paid <br />Tax increment is onlythe increase in taxes due to <br />redevelopmentand new construction <br />Tax incrementisnottaxes paid priorto <br />redevelopment <br />Tax increment is not taxes from State levies <br />Tax incrementis nottaxesfrom marketvalue <br />referendum levies <br />Common Misconceptionsabout <br />Tax Increment <br />■ The projectwould have occurred anyway so tax <br />increment is not necessary <br />In reality.. . <br />The "But Fo�' test must be met and findings made by <br />the City Council. If not, the City cannot authorizethe <br />use of tax increment <br />• F�cample: <br />� Ifthe costto acquire8� preparea site is$�0lsq. ft. <br />➢ But the value of the site is only $5lsq, ft. <br />➢ The new developmentcan not occur "but for" tax <br />increment <br />Common Misconceptionsabout <br />Tax Increment <br />■ Tax increment is always a subsidy to the <br />developer <br />Common Misconceptionsabout <br />Tax Increment <br />■ Tax increment makes � e�asier tr> use <br />condemnation <br />In reallty.. . <br />. Tax incrementis a financing tool only <br />. Condemnation is not authorized inthe Tax IncrementAct <br />. Condemnationis authorized in other statutes to <br />encourage redevelopment <br />5 <br />
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