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TIF Plan Discussion <br />• Purpose of Plan <br />- Providesstatutoryanthorization to use tax <br />:increment financing <br />- Legal terminologyllanguage, required by Statute <br />- Based on assumptions of development <br />- No commitment to provide subsidy <br />- Recommend plan with- maximum flexibility:: <br />=,~Liic .~ ~~. n~.isc.. SPrln9stetl <br />TIF~P1an Discussion -Components <br />• A) Definitions <br />• B),_StatutoryAuthorization <br />• C) Need and Public Purpose <br />• D) Statement of Objectives <br />• E) Designation of an "Economic Development <br />District" <br />.in•~ :e<ici ao~nu. ~ SPrin9stetl <br />~~ TIFPIan Discussion -Components <br />• F), Duration <br />- 9 years <br />• G) Property in District <br />-:7.67 acres, 4 parcels <br />• H) Property to be Acquired <br />• I) ..Development Expected to Occur <br />- 94senior cooperative units (2 phases) <br />93 assisted1iving units <br />..~,~~<,~«<, ao.~.~.. ~ sPr~nystea <br />2 <br />