Agenda - Council - 05/24/1984 - Laserfiche WebLink

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I I ! ! I I I I I I ,I under Phase Il into four sections: Section I Assistance and/or guidance in preparation of cost budgets Section II Assistance with an Economic Development Financing Plan Section III Fiscal and Economic Impacts Section IV Legal Section I. 'Assistance and/or guidance in Dreparation of cost budgets_. This service will involve the preparation of line item budgets for each alternative plan. Budget line items will include acquisition of property, relocation, demolition, engineering, public improvements, planning, legal and administration. Section II. Assistance with an Economic Development Financing_ Plan The budget prepared in section one may be compared to the amount of income and the sources of revenue used to finance project costs. The length of time required to finance public costs will be estimated along with the advantages of leveraging different revenue sources in order to enhance general feasibility. Section HI. Fiscal and Economic Planning As a part of planning process, the impact of alternative plans for redevelopment will be examined. Implications of development will be measured as they affect the City, county, school district, other cities and the private sector. Differences in types of bonds and their issuance for project financing will be examined. Section IV. ~ Estimates as to when contracts with developers will be needed and the contents of the contracts will be offered. A division of risk between the City and potential developers will be postulated. TAX INCREMENT FINANCING EVALUATION: PHASE The essence of this phase is the evaluation of the suitability of tax increment financing as a redevelopment, homing or economic development tool. The City may not have reviewed certain options for certain housing, industrial, or commercial activities which should be considered. The procedure for establishing a tax increment financing district is presented below: 1. Designation of the development empowering area and the tax -5-