Laserfiche WebLink
EDA# ~ <br /> <br />TIF POLICY REGARDING HOUSING AND REDEVELOPMENT <br /> By: Cindy Sherman, Community Development Director <br /> <br />Background: <br /> <br />Staff has been contacted regarding the use of TIF for assistance in the acquisition and site <br />preparation for a housing project located on the north side of Co. Rd. 116. The developer has <br />been negotiating to buy the land and has agreements on three parcels but is unable to justify the <br />cost of the fourth parcel. The property includes a non-conforming industrial type building that is <br />currently rented out for storage and the property owner has it valued as a viable industrial <br />property. Additionally, the total site has several other buildings that would need to be removed <br />to allow for development of the site. <br /> <br />Observation: <br /> <br />Staffhas been unable to locate a policy on the use of TIF and we believe that such a policy <br />should be developed to assist the staff in screening requests for funding. The site proposed for <br />development is located outside of a Tax Increment District and there are issues associated with <br />funding the project unless a district was to be created. <br /> <br />Recommendation: <br /> <br />Direct staff to develop a policy for the use of Tax Increment Financing for future consideration <br />and discuss the housing project proposed. <br /> <br />EDA Action: <br /> <br />Based on discussion <br /> <br />Review checklist: <br /> <br />City Administrator <br />Community Development Assistant <br /> <br />EDA: 2/9/99 <br />g:\users\cindy\tifpolicy <br /> <br /> <br />