Agenda - Council - 02/14/1989 - Laserfiche WebLink

Home

Sources of Funding. The City recognizes the high cost and greater risk to the City if the source of revenues for TIF assistance is ~ener~l obligation ~o~e i~ue~ by the tit7. Projects requirin~ assistance for which the Cit~ mu~t bon~ will be subject to ~reater fiscal ~cru=iuy than if the project =a~ be funded from available TIF monies. Type of Assistance Sought. The City recognizes that the enabling statutes limit the type of public assistance which cities Kay offer in ~uppor t of private developments. Despite these limitations, the list of permissible expenditures includes such items a~ land write-down, soil corrections, and construction cf public improvement~ ~uch a~ ~treet~ or utilities. Although all the~e forms of assistance are lawful expemditures of public funds, ~ome are of more immediate benefit private partie~ than are other~.~ Accordimgly, the City will be more inclined to provide financial a~i~tamce for improvements which benefit properties throughout the TIF District amd Development District tha~ those ~'hose i~ediate benefit is primarily to a private party. Types of Development. The City Council recognizes that a purpose of TIF is to promote development of the City in conformance with the zoning ordinance and Comprehen- sive Plan. The City will consider requests for assistance for all types of development, including residential projects, but will do so only where the proposed development is consistent with the general plans for development of the City as a whole. All administrative, engine,tinE and legal costs incurred by the City in the course of participating in a project shall be included in the amount of total assistance available to the project as outlined in Subparagraph A of Section 2. Section 3. No Contractual Rights. The guidelines contained in Section 2 are intended tO be a broad statement of the City'~ policy on such matters. They do not create any contractual rights or obligations on the part of developers or the City. They do not guarantee that the City will support any particular request nor do they li~it the City's right to participate in a development which is technically beyond the scope of the guidelines. The guidelines may be modified unilaterally by the City at any time. Section 4. ?roces~. The following process shall be utilized by the City in processing requests for T!F assistance: A. City staff reviews the request with respect to the following information: