03/30/88 Special Meeting - Laserfiche WebLink

Home

"'. ) ;1 amount of assistance but providing fewer jobs. Although construction jobs are of significance in this regard, it is the number of full-time or part-time permanent jobs in which the City is predominantly interested. C. Sources of Funding. The City recognizes the high cost and greater risk to the City if the source of revenues for TIF assistance is general obligation bonds issued by the City. Projects requiring assistance for which the City must bond will be subject to greater fiscal scrutiny than if the project may be funded from available TIF monies. D. Type of Assistance Sought. The City recognizes that the enabling statutes 'limit the type of public assistance which cities may offer in support of private developments. Despite these limitations, the list of permissible expenditures includes such items as land write-down, soil corrections, and construction of public improvements such as streets or utilities. Although all these forms of assistance are lawful expenditures of public funds, some are of more immediate benefit to private parties than are others. Accordingly, the City will be more inclined to provide financial assistance for improvements which benefit properties throughout the TIF District and Development District than thos~ whose immediate benefit is primarily to a private party. E. Types of Development. The City Council recognizes that a purpose of TIF is to promote development of the City in conformance with the zoning ordinance and Comprehen- sive Plan. The City will consider requests for assistance for all types of development, including residential projects, but will do so only where the proposed development is consistent with the general plans for development of the City as a whole. F. All administrative, engineering and legal costs incurred by the City in the course of participating in a project shall be included in the amount of total assistance available to the project as outlined in Subparagraph A of Section 2. Section 3. No Cont~2ctua' Rirbts. The guidelines contained in Section 2 are intended to be a broad statement of the City's policy on such matters. They do not create any contractual rights or obligations on the part of developers or the City. They do not guarantee that the City will support any particular request nor do they limit the City's right to participate in a development which is technically beyond the scope of the guidelines. The guidelines may be modified unilaterally by the City at any time. Section 4. Process. The following process shall be utilized by the City in processing requests for TIF assistance: Resolution ~87-213 Page 2 of 4 8