2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

Home Browse Search

�0 M B. Conformance with the City's Comprehensive Plan m CL The proposed General Land Use Plan (Exhibit F) of this Tax Increme t Redevelopment conforms to the Comprehensive Plan. All development in the Redevelopmen Project Area will also conform to applicable City codes and ordinances as may be in effect at th time. M 4 C. Estimated Dates for Completion of the Redevelopment Project oObligations incurred to finance the improvements will be repaid by incremental revenues which e may be supplemented with funds from other sources (local sales tax, state or federal loans or grants, etc.), if available, and deemed appropriate by the City. The obligations, if issued, will be retired in not more than twenty years from the date of issuance. The estiniated date for the completion of the Redevelopment Plan shall be no later than twenty-three years from the date of adoption of the Redevelopment Plan by the City. D. Would Not Be Developed "But For" Tax Increment Financing The City has found that the Redevelopment Project Area would not reasona ly be developed without the use of tax increment revenues, and that such incremental revenues Nvill be utilized for the development and revitalization of the Redevelopment Project Area as provided in the Act. Underscoring the economic need for municipal financial assistance in the forrr of tax increment financing is the fact that without the City's commitment to provide such m inicipal financial assistance, there will not be commitments for private development and revitali ation. This "But For TIF" position has been stated by several knowledgeable individuals includi g the developers. E. Assessment of Financial Impact The City Council finds that the financial impact of the Redevelopment Are on or increased demand for facilities or services from any taxing district affected by the Plan s not significant. Existing developed areas are proposed to be cleared and replaced with ew commercial structures. This will not result in a need for new facilities or expanded services. The new development will not generate any school children or added popul ition that places demands on neighborhood facilities such as parks or schools. Rehabilitat ng deteriorating buildings will not place additional demands on public safety facilities. It is expected that new investment targeted in the TIF area will result i spillover new development occurring elsewhere in the community. This development outside he TIF area will generate additional tax revenue for local taxing bodies. The City, to the ex ent that surplus revenues become available will distribute these surplus revenues on a pro-ra a basis to local taxing bodies whenever possible. Every effort will be made to reduce the time frame for completion of the TIF program to something less than the allowable 23 year timframe. The City will monitor the progress of the TIF program and its future impacts o all local taxing bodies. In the event significant impacts are identified that increase demands for facilities or 23