2010-04 APPROVING THE TAX INCREMENT PINES SHOPPING CENTER REDEVELOPMENT PLAN

Home Browse Search

CU LJ q7 CR B. Conformance with the City's Comprehensive Plan 2 LL The proposed General Land Use Plan (Exhibit F) of this Tax Increment Redevelopment conforms to the Comprehensive Plan. All development in the Redevelopment Project Area will also conform to applicable City codes and ordinances as may be in effect at that time. C. Estimated Dates for Completion of the Redevelopment Project 4 0 Obligations incurred to finance the improvements will be repaid by incremental revenues which 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 estimated 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 reasonably be developed without the use of tax increment revenues, and that such incremental revenues will 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 form of tax increment financing is the fact that without the City's commitment to provide such municipal financial assistance, there will not be commitments for private development and revitalization. This "But For TIF" position has been stated by several knowledgeable individuals including the developers. E. Assessment of Financial Impact The City Council finds that the financial impact of the Redevelopment Area on or increased demand for facilities or services from any taxing district affected by the Plan is not significant. Existing developed areas are proposed to be cleared and replaced with new 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 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 additional demands on public safety facilities. It is expected that new investment targeted in the TIF area will result in spillover new development occurring elsewhere in the community. This development outside the TIF area will generate additional tax revenue for local taxing bodies. The City, to the extent that surplus revenues become available will distribute these surplus revenues on a pro-rata 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 time frame. 23