Agenda - Council - 10/22/2019 - Laserfiche WebLink

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• Must demonstrate retention of local businesses, increased employment or preservation or enhancement of the state tax base, etc. • Maximum duration of TIF district is 8 years from receipt of the first tax increment. • May be used for commercial facilities not exceeding 15,000 square feet in Cities with populations of 5,000 or less located at least 10 miles outside of a City with a population of 10,000 or more. Other than administrative expenses, all increments must be spent within the TIF district. • Expanded Rules for any type of development if construction commences by July 1, 2011 and certification of district is requested by June 30, 2011. Compact Development District: • May be used to redevelop property where 70 percent of the parcel is industrial or utility property. • The project must result in an increase of square footage of industrial or utility property by three times or more over its current level. • Must be approved before June 30, 2012. In order to establish a TIF district, a specific process must be followed including the following: 1. A Development Program or Redevelopment Plan (depending on statutory authority used) must be prepared. This sets forth the general goals for the development or redevelopment project area. 2. A Tax Increment Financing Plan must be prepared. This sets forth the specific project(s) to be undertaken, costs involved, and revenues projected, and is the guiding document for the proposed project. 3. A public hearing on the TIF Plan and district must be conducted. Notification of the public hearing must be published 10-30 days prior to the hearing. 4. A TIF district "fiscal and economic impact" letter must be received by the County and school district at least 30 days prior to the public hearing. 5. The City planning commission must review the TIF Plan and Development Program prior to City approval. 6. At the public hearing, all interested parties are invited to express their opinion(s). 7. Subsequent to the public hearing, the City must approve or reject the TIF Plan and district. 8. Upon approval, the City must request County certification of the original value of the TIF district which will begin the tax increment collection process. 9. Actual project expenditures may not be made until the TIF Plan is adopted and the TIF district is established. 22