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<br />. <br /> <br />. <br /> <br /> <br />. <br /> <br />CASE #4: <br /> <br />DISCUSSION REGARDING POLICY FOR USE OF TAX INCREMENT FUNDS <br />By: Anne Norris, Community Development Director <br /> <br />Background: <br /> <br />Several Commissioners have expressed concern that the City doesn't seem to have <br />a policy regarding the uses of tax increment financing funds. As you recall, <br />the Council adopted a policy regarding the process for requests for tax <br />increment financing assistance. The policy includes staff review for legal and <br />financial feasibility, Economic Development Commission review for consistency <br />with economic development policies and Planning Commission review for <br />consistency with land use controls and plans. A summary of these reviews are <br />presented to the City Council for their final decision. <br /> <br />It has been suggested that the City/Commission may want to adopt a policy <br />regarding what types of projects would be eligible for tax increment funds. In <br />general terms, state legislation provides that tax increment financing may be <br />used for: redevelopment or rehabilitation of deteriorated areas of the City; <br />assistance to facilitate the construction of housing available to low and <br />moderate income persons; and/or to promote economic development and provide <br />employment opportunities in the City. <br />Recommendation: <br /> <br />Commission Action: <br /> <br />Will be based on your discussion. <br /> <br />Review Checklist: <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Development Dir. <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Other <br /> <br />.JL <br />