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DIS(~SSION R~?~g{PlN~ i~]5IC~ FOR ~ R~UESTS <br /> FOR TAX ~ FINANC/NS <br />By: Anne L. Norris, Co~mmm~tty De~elolm~nt Director <br /> <br />CASE #12.' <br /> <br />Background: <br /> <br />As you recall, the Commission ommm_nted that you would like to discuss the <br />City's policy regarding approval of requests for tax increment financing. <br />The Council adopted a policy regarding a process for requests for tax <br />increment financing assistance. This policy includes staff review for <br />legal and financial feasibility, Economic Development Commission review for <br />consistency with economic development policies and Planning Commission <br />review for consistency with land use controls and plans. A summary of the <br />various reviews is presented to the City Council for their review. <br /> <br />For your information, enclosed is the City's policy regarding requests for <br />tax increment financing. <br /> <br />In general terms, state legislation provides that tax increment financing <br />may be used for redevelopment or rehabilitation of deteriorated areas of <br />the City, assistance to facilitate the construction of housing available to <br />low and moderate income persons, and/or to promote econcmic develot~ent and <br />provide employment opportunities in the City. <br /> <br />Most cities' tax increment policies are deliberately broad in order to <br />allow cities as much flexibility in using tax increment financing as <br />possible. <br /> <br />Will be based on your discussion. <br /> <br />A~ministrator <br />Attorney <br />Engineer <br />Omamunity Development Director X <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br /> <br /> <br />