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CASE ~11: <br /> <br />DISCUSS POLICY FOR KEQUEST FOR TAX INCP~MENT FINANCINC <br /> By: Anne Norris, Community Development Director <br /> <br />Background: <br /> <br />The Planning and Zoning Commission requested information on the City's policy <br />regarding processing requests for tax increment financing. In 1985, the <br />Council adopted a policy establishing a process for such requests. This policy <br /> <br />includes: <br /> 1. <br /> 2. <br /> <br />Staff review for legal and financial feasibility; <br />Economic Development Commission review for consistency with economic <br />development policies; and <br />Planning and Zoning Commission review for consistency with land use <br />controls and plans. <br /> <br />A s-mmary of the various reviews is then presented to the City Council for <br />their review and consideration. <br /> <br />Enclosed for your information is the City's policy regarding request for tax <br />increment financing. <br /> <br />Observations: <br /> <br />In general terms, State legislation provides that tax increment financing may <br />be used for redevelopment or rehabilitation of deteriorated areas of the City, <br />assistance to facilitate the construction of housing available to low and <br />moderate income persons, and/or to promote economic development and provide <br />employment opportunities in the City. <br /> <br />Those cities that do have policies regarding tax increment financing assistance <br />are deliberately broad in order to allow as much flexibility in using this tool <br />as possible. <br /> <br />Recommendation: <br /> <br />Commission action will be based on your discussion. <br /> <br />Review Checklist: <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Development Director <br /> <br />X <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Other <br /> <br /> <br />