2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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�D a� grants, etc.); if available, and deemed appropriate by the City. The obligations, f issued, will be retired in not more than twenty years from the date of issuance. The estimated date for the tl completion of the Redevelopment Plan shall be no later than twenty-three years from the date of kU 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 reasonab y be developed 0 without the use of tax increment revenues, and that such incremental revenues w 11 be utilized for 0 C4 the development and revitalization of the Redevelopment Project Area as prodded in the Act. Underscoring the economic need for municipal financial assistance in the form f tax increment financing is the fact that without the City's commitment to provide such mu ucipal financial assistance, there will not be commitments for private development and revitaliz tion. This "But For TIF" position has been stated by several knowledgeable individuals includin the developers. E. Assessment of Financial Impact i The City Council finds that the financial impact of the Redevelopment Areaon or increased demand for facilities or services from an}, taxing district affected by the Plan i not significant. Existing developed areas are proposed to be cleared and replaced with lew commercial structures. This will not result in a need for new facilities or expanded services. ii The new development will not generate any school children or added population that places demands on neighborhood facilities such as parks or schools. Clearing older deteriorating buildings and replacing them with new, modern buildings will not place additilrial 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�hc TIF area will generate additional tax revenue for local taking bodies. The City, to the extent that surplus revenues become available will distribute these surplus revenues on a pro-ratia 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 timc frame. The City will monitor the progress of the TIF program and its future impacts ori all local taxing bodies. In the event significant impacts are identified that increase demands for facilities or services in the future, the City will consider utilizing tax increment proceeds, t� the extent they are available, to assist in addressing the needs. SECTION VIII REDEVELOPMENT PLAN A. Introduction This section presents the Redevelopment Plan for the Area. Pursuant to Act, wl�en the finding is made that an area qualifies as either conservation, blighted, combination of onservation and ?j