Resolution - #87-213 - 08/25/1987

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~,~ou~t of assJ_stance but providing fewer jobs. Although ~on:~truction jobs are of significance in this regard, it i,~ t]~e numbe~ of full-time or part-time permanent jobs i,~ which the City is predominantly interested. q~u~ces of Funding, The City recognizes the high cost greate~~ risk to the City if the source of revenues TIF assistance is general obligation bonds issued the City. Projects requiring assistance for which ~:[ty must bond will be subject to greater fiscal :~crutiny than if the project may be funded from ~,'-~i ].able TiF monies. 'l,z?e of Assistance Sought. The City recognizes that the ,~.~abi!i~g statutes limit the type of public assistance which cities may offer in support of private ,i,.~w~lopments. Despite these limitations, the list of ?~r,~issible expenditures includes such items as land wci~e~down, soil corrections, and construction of public i~q~rovements such as streets or utilities. Although all ~i~.~s~ forms of assistance are lawful expenditures of i~bl~c funds~ some are of more immediate benefit to ?o~i~v;~te parties than are others. Accordingly, the City w~lL be more inclined to provide financial assistance ~' ~r ~mprovements which benefit properties throughout r ~e TIF District and Development District than those ~i~o~,e ir~ediate benefit is primarily to a private party. 'i'../p,~,,q of Development. The City Council recognizes that purpose of TIF is to promote development of the City conformance with the zoning ordinance and Comprehen- i. ve Plan. The City will consider requests for ~s~istance for all types of development, including ~ident.ial projects, but will do so only where the p~op~sed development is consistent with the general 1~ .-~s for development of the City as a whole. admL~j, strative, engineering and legal costs incurred th~ City in the course of participating in a project :;!~al.t. be included in the amount of total assistance ;~?~i,]able to the project as outlined in Subparagraph A Section 2. ,,?~:~ ~on 3. No Co__~LLt,.ractual Right~. The guidelines con~ .~j~.~ ,in Sect[o~ 2 are intended to be a broad statement of the (~i~ y s policy o~ such matters. They do not create any con~ ~,~i ~ i~ r;ghts or obligations on the part of developers or the ~,}; ~,, Th~y do not guarantee that the City will support any pari i, ~i~'; r~:quest nor do they limit the City's right to particii,~ ir, a development which is technically beyond the scoi',~ (,~ the guide] [nes. The guidelines may be modified uni]~i.~al iy bi? the City at any time. ~', ~ ~ ~,tt 4.. Proc~_s__s. The following process shall be uti] i~?l ~, thc City ,i.~ processing requests for TIF assistance: Resolution #87-213 Page 2 of 4