TAX INCREMENT FINANCING IN MARION, ILLINOIS
|
|
- Amber Griffith
- 5 years ago
- Views:
Transcription
1 TAX INCREMENT FINANCING IN MARION, ILLINOIS Gail West, City Administrator, City of Marion, Illinois 26 th Annual Community Economic Development Conference March 5-6, 2015 / Marriott Pere Marquette Hotel, Peoria, Illinois 1
2 TIF Increment comes from the INCREASE in Equalized Assessed Valuation (EAV) above a Base Year EAV. Annual increases in EAV are multiplied by the total real estate tax rate each year during the life of the District. The resulting Real Estate Tax Increment is annually re-allocated into the City s Special Tax Allocation Fund to reimburse public and private TIF eligible project costs. Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
3 Tax increment financing is a local redevelopment tool which Illinois municipalities can use to fund specified public and private improvements needed to prepare an area for further private investment. TIF allows a community to recapture the increase (increment) in real estate taxes that result from a redevelopment project in a blighted, decaying, and under performing area. When a TIF redevelopment project area is created, the value of the property in the area is established as the base amount. These base property taxes continue to go to the taxing bodies as they always have.
4 TIF DISTRICT NAME LIFESPAN TIF District I TIF District IV (Downtown) TIF District V (Pepsi) Pavilion TIF District TIF District VI (Crossing) Golf TIF District VII TIF District VIII (Crisp Cont.) Marion Heights TIF District Marion Heights II TIF District Skyline TIF District Hub TIF District Route 13 TIF District Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
5 Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
6 6
7 7
8 8
9
10 Gander Mountain IHOP Strip mall Marion Heights TIF 10
11 11
12 Total Increase in Annual EAV Resulting from All Marion TIF Districts = $77,335,315 TIF I TIF IV* TIF V (Pepsi) Pavilion TIF* TIF VI TIF VII Golf TIF VIII Crisp Heights TIF Heights II TIF Skyline TIF Hub TIF Rt 13 TIF $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 $26 $28 Millions TIF BASE EAV MOST RECENT EAV *Note: TIF District IV & the Pavilion TIF have expired. Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
13 Marion TIF Districts Total Revenue by Fiscal Year FY = $60,295,915 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 TIF I TIF IV TIF V Pavilion TIF TIF VI TIF VII Golf TIF VIII Crisp Heights TIF Heights II TIF Skyline TIF Hub TIF Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
14 Cumulative Expenditures of All Marion TIF Districts As of FY 2014 = $55,483,608 Administrative & Professional, $2,182,108, 4% Public Project Costs, $14,662,620, 26% Private Project Costs, $38,638,880, 70% Public Project Costs Private Project Costs Administrative & Professional Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
15 Qualification Study with legal description of proposed area Redevelopment plan Joint Review Board (legal notices required notifying taxing bodies) Public hearing (notices required to property owners in proposed project area) City Council approval of three ordinances: (1) Authorizing the use of TIF, (2) Geographic boundaries of area, (3) Detailed Redevelopment Plan Steps in TIF
16 Qualification Study Before TIF can be used, a municipality must determine whether the area qualifies under Illinois statutes for designation as a tax increment redevelopment area. The municipality must determine if: (1)The proposed district boundaries be limited to properties which will benefit from the project. (2)The municipality demonstrates that the proposed area will not be developed without creating a TIF. This is called the but for test. (3)The area meets blighting requirement.
17
18 Ground Breaking: Volkswagen of Marion, July
19 19
20 20
21 Upgrade the public infrastructure Create recreational areas & public green space to raise the overall quality of life Rehab the old hospital for a new usage Seek development of 40 new commercial projects and the rehabilitation of 100 existing buildings in the commercially zoned parts of the Redevelopment Area The Hub TIF Goals
22 22
23 23
24 24
25 Marion
26 26
27 Marion
28 Single point interchange 2014: Single Point Interchange completed by IDOT at I 57 & IL Rt. 13. Morgan Avenue entrance ramps and diverging diamond under construction.
29 Rent One Park Rent One Park, a $22 million facility. In 2005 the base year EAV was $492,330, in 2007 the EAV was $7,617,830.
30 MARION TIF DISTRICT RESULTS Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
31 Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
32 Questions???? Gail West, City Administrator City of Marion 1102 Tower Square Marion, IL Ph: (618) Website: Tax Increment Financing: Marion, Illinois 26 th Annual Rural Community Economic Development Conference, March 5-6,
Proposed Gross Point- Touhy Tax Increment Financing (TIF) District
Proposed Gross Point- Touhy Tax Increment Financing (TIF) District Village of Niles Public Meeting 1 Agenda I. Redevelopment Project and Plan II. III. IV. TIF Mechanism Factors Qualifying Area as a TIF
More informationTax Increment Financing (TIF) Public Information Meeting October 11, 2011
Tax Increment Financing (TIF) Public Information Meeting October 11, 2011 Village of Glen Ellyn Central Business District Maureen Barry Financial Advisor Office: 630-271-3341 Email: mbarry@ehlers-inc.com
More informationIllinois TIF Annual Reporting Covering the Basics
Annual TIF Deadlines Annual TIF report must be submitted to the Illinois Office of the Comptroller 180 days after the municipal fiscal year ends (or as soon thereafter as the audited financial statements
More informationTax Increment Financing ( TIF ) Overview
Tax Increment Financing ( TIF ) Overview January 25, 2013 3TB Project Review Agenda 1. What is Tax Increment Financing? 2. TIF in the City of Pittsburgh 3. TIF Case Studies 4. TIF Projects (In the Pipeline)
More informationFirst Amendment to the Urban Renewal Plan for the Northeast Gateway 1 Urban Renewal Area
Prepared by: Carrie Kruse, Office of Economic Development, 400 Robert D. Ray Drive, Des Moines, IA 50309 Phone: 515/283-4012 Return Address: City Clerk City Hall, 400 Robert D. Ray Drive, Des Moines, IA
More informationMunicipal TIF Basics
Municipal Tax Increment Financing Municipal TIF Basics Maine Department of Economic and Community Development 59 State House Station Augusta, Maine 04333 Daniel Stevenson, Office of the Commissioner, DECD
More informationProposed Tax Increment Financing Housing District. City of Red Wing April 16, 2018
Proposed Tax Increment Financing Housing District City of Red Wing April 16, 2018 Purpose of Presentation Provide overview of tax increment financing (TIF) General policy discussion on use Proposed Housing
More informationJANES AVENUE TIF DISTRICT Residential Improvement Grant
JANES AVENUE TIF DISTRICT Residential Improvement Grant GUIDELINES I. PURPOSE II. ELIGIBLE PROPERTIES III. GRANT AMOUNT AVAILABLE IV. ELIGIBLE IMPROVEMENTS V. GRANT PROCESS VI. GRANT AGREEMENTS VII. GRANT
More informationMayor Broda called to order a meeting of the TIF Joint Review Board at 2: 00 p. m.
MINUTES TAX INCREMENT FINANCING JOINT REVIEW BOARD PROPOSED DOWNTOWN TIF LISLE VILLAGE HALL BOARD ROOM WEDNESDAY, DECEMBER 10, 2014 I. CALL TO ORDER Mayor Broda called to order a meeting of the TIF Joint
More informationCORTLAND/CHICAGO RIVER TIF DISTRICT DESIGNATION. Community Meeting: November 14, 2018
CORTLAND/CHICAGO RIVER TIF DISTRICT DESIGNATION Community Meeting: November 14, 2018 WHY ARE WE HERE? Overall goal for the evening is to provide more information on the proposed designation of the Cortland/Chicago
More informationTown of Brunswick. Tax Increment Financing Districts and TIF Budget
Town of Brunswick Tax Increment Financing Districts and 2018-19 TIF Budget Downtown Development and Transit Oriented TIF District Molnlycke TIF District Brunswick Landing and Brunswick Executive Airport
More informationOften largest source of funds; not an additional tax
Financing Strategies: During the January Study Session the topic of financing the downtown improvements was raised, and Staff was asked to consider and report to the Council on some of the more common
More informationOften largest source of funds; not an additional tax
Financing Strategies: During the January Study Session the topic of financing the downtown improvements was raised, and Staff was asked to consider and report to the Council on some of the more common
More informationFourth Amendment to the Southside Economic Development District Urban Renewal Plan
Prepared by: Carrie Kruse, Office of Economic Development, 400 Robert D. Ray Drive, Des Moines, IA 50309 Phone: 515/283-4012 Return Address: City Clerk City Hall, 400 Robert D. Ray Drive, Des Moines, IA
More informationDraft dated 12/28/17 revised 01/08/18 VILLAGE OF WEST DUNDEE MAIN STREET / ILLINOIS ROUTE 31 TIF REDEVELOPMENT PLAN AND PROJECT
Draft dated 12/28/17 revised 01/08/18 VILLAGE OF WEST DUNDEE MAIN STREET / ILLINOIS ROUTE 31 TIF REDEVELOPMENT PLAN AND PROJECT Jointly Prepared By: Village of West Dundee, Illinois And Kane, McKenna and
More informationMAINE STATE HOUSING AUTHORITY. APPLICATION Affordable Housing Tax Increment Financing
MAINE STATE HOUSING AUTHORITY APPLICATION Affordable Housing Tax Increment Financing The Municipal Affordable Housing Development Districts statute, 30-A M.R.S.A. 5245 5250-G, referred to as the "TIF Statute"
More informationPlanning and Economic Development
Planning and Economic Development SUBJECT: Public Hearing Regarding Proposed Waukegan Road/Golf Road Redevelopment Plan and Project Area AGENDA ITEM: 8.c. MEETING DATE: March 19, 2013 VILLAGE BOARD REPORT
More informationROCK FALLS DOWNTOWN TIF GREENSPACE FUNDING PROPOSAL
ROCK FALLS DOWNTOWN TIF GREENSPACE FUNDING PROPOSAL TIF 101 Tax Increment Financing is simple in concept. TIF calls for local taxing bodies to make a joint investment in the development or redevelopment
More informationCity of Wichita. Southfork Redevelopment District. Southfork Phase A Project Plan. March 5, 2013
City of Wichita Southfork Redevelopment District Southfork Phase A Project Plan March 5, 2013 Prepared by City of Wichita Office of Urban Development I N D E X 1. Comprehensive Financial Feasibility Study
More informationSecond Amendment to the Urban Renewal Plan for the Ingersoll-Grand Commercial Urban Renewal Area
Prepared by: Carrie Kruse, Office of Economic Development, 400 Robert D. Ray Drive, Des Moines, IA 50309 Phone: 515/283-4012 Return Address: City Clerk City Hall, 400 Robert D. Ray Drive, Des Moines, IA
More informationMadison County Zoning Department C. J. Nicholl, Administrator
Madison County Zoning Department C. J. Nicholl, Administrator Courthouse at Winterset Madison County, Iowa Built in 1876 of native limestone. Posted Courthouse: 09-10-18 Emailed: 09-10-18 MADISON COUNTY
More informationTax Increment Financing 101. October 26, 2017
Tax Increment Financing 101 October 26, 2017 TIF- What does it mean? TIF- stands for Tax Increment Financing TIF is a tool that permits a municipality to participate in local project financing by using
More informationVILLAGE OF ALGONQUIN REDEVELOPMENT PLAN AND PROJECT TAX INCREMENT FINANCING DOWNTOWN TIF DISTRICT
DRAFT DATED 06/25/14 VILLAGE OF ALGONQUIN REDEVELOPMENT PLAN AND PROJECT TAX INCREMENT FINANCING DOWNTOWN TIF DISTRICT Jointly Prepared By: Village of Algonquin, Illinois And Kane, McKenna and Associates,
More informationTax Increment Financing Annual Report
Tax Increment Financing Annual Report Section 1: Description of the Plan and Project 1. Name of City and/or County (entity that approved the TIF Plan or Project): City of Kansas City, Missouri 2. Name
More informationOhio Legislative Service Commission
Ohio Legislative Service Commission Bill Analysis Joe McDaniels H.B. 233 131st General Assembly () Reps. Schuring, Ashford, Baker, Blessing, Boyd, Fedor, Hackett, Hambley, Kraus, Lepore- Hagan, Patmon,
More informationCity of Wichita. Union Station Redevelopment District. Union Station Project Plan. November 20, 2014
City of Wichita Union Station Redevelopment District Union Station Project Plan November 20, 2014 Prepared by City of Wichita Office of Urban Development I N D E X 1. Comprehensive Financial Feasibility
More informationTax Increment Financing: Smallman Street, Strip District Final Request for Approval / TIF Adoption
Tax Increment Financing: Smallman Street, Strip District Final Request for Approval / TIF Adoption Pittsburgh Public Schools Business/Finance Committee September 4, 2018 1 Agenda: Request to Request to
More informationTAX INCREMENT FINANCING
TAX INCREMENT FINANCING Tax Increment Financing (TIF) is a mechanism under Iowa Code chapter 403 for municipalities (cities and counties) to use to finance public improvement projects or, added later,
More informationTAX INCREMENT FINANCING (TIF) ASSISTANCE. Application Packet
TAX INCREMENT FINANCING (TIF) ASSISTANCE Application Packet 1 General Application Information The Tax Increment Financing program is designed to serve the diverse needs of the business community and to
More informationRedevelopment Project Financial Feasibility Study. For the Oread Project Within the 12 th and Oread Redevelopment District. City of Lawrence, Kansas
Redevelopment Project Financial Feasibility Study For the Oread Project Within the 12 th and Oread Redevelopment District City of Lawrence, Kansas Final Draft: February 7, 2008 Table of Contents 1 OVERVIEW...
More informationCITY COUNCIL AGENDA SUBMISSION March 28, 2017
CITY COUNCIL AGENDA SUBMISSION March 28, 2017 Agenda Item: BILL 2830 AN ORDINANCE DESIGNATING A PORTION OF THE CITY OF OLIVETTE MISSOURI, AS A REDEVELOPMENT AREA; APPROVING THE GATEWAY I-170 TAX INCREMENT
More informationTAX INCREMENT FINANCING Ten (10) Year Status Report
TAX INCREMENT FINANCING Ten (10) Year Status Report 2006-2014 63 RD /ASHLAND Redevelopment Project Area Designated March 29, 2006 December 2, 2015 Pursuant to 65 ILCS 5/11-74.4-5 Prepared by AND S. B.
More informationThe Impact of a TIF on the Auburn School District. A General Overview
The Impact of a TIF on the Auburn School District A General Overview Terms TIF GSA EAV. Tax Increment Funding Money generated through freezing the local revenue of taxing bodies for 23 years. This fund
More informationA Future Framework for TIFs and Taxing Districts
1 A Future Framework for TIFs and Taxing Districts Illinois Financial Forecast Forum Illinois City Managers Association January 20, 2017 Harry Caray s, Lombard, IL Jennifer M. Tammen - Municipal Advisor/
More informationTIF REDEVELOPMENT PLAN
PRELIMINARY 8/19/2013 CITY OF WAUKEGAN TIF REDEVELOPMENT PLAN DOWNTOWN TIF DISTRICT Redevelopment plan" means the comprehensive program of the municipality for development or redevelopment intended by
More informationRESOLUTION NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT FINANCING COMMISSION OF PHELPS COUNTY, MISSOURI, AS FOLLOWS:
RESOLUTION RESOLUTION OF THE TAX INCREMENT FINANCING COMMISSION OF PHELPS COUNTY, MISSOURI, APPROVING THE WESTSIDE MARKETPLACE TAX INCREMENT FINANCING REDEVELOPMENT PLAN; DESIGNATING THE WESTSIDE MARKETPLACE
More informationHSAC Conference. Investing in the Counties: Infrastructure Community Facilities Districts. Tax Increment Districts. and.
HSAC Conference Investing in the Counties: Infrastructure Community Facilities Districts and Tax Increment Districts June 26, 2015 Dave Freudenberger, Principal and Founding Partner Goodwin Consulting
More informationTAX INCREMENT FINANCING Ten (10) Year Status Report
TAX INCREMENT FINANCING Ten (10) Year Status Report 2000-2011 LAKE CALUMET INDUSTRIAL Redevelopment Project Area Designated December 13, 2000 September 18, 2013 Pursuant to 65 ILCS 5/11-74.4-5 Prepared
More informationTax Increment Financing (TIF) Durham NH
Tax Increment Financing (TIF) Durham NH What is a TIF? It s a financing / investment tool to provide funding for public improvements that are intended to stimulate positive economic development activity
More informationAddison LLC Project. Central Business District. City Council and Community Presentation December 6, 2010
Addison LLC Project Central Business District City Council and Community Presentation December 6, 2010 CBD TIF I Original Project Area Established by Ordinance O-17-86 (With Sales Tax District) TIF I:
More informationTax Increment Finance
Tax Increment Finance Report Instructions The reporting requirements outlined in the TIF Report form are derived from the Illinois Municipal Code for redevelopment project areas, Tax Increment Finance
More informationREQUEST FOR TAX INCREMENT FINANCING
18 East 22nd Street P. O. Box 1180 Kearney, NE 68848-1180 TELEPHONE (308) 233-3213 FAX (308) 233-3223 E-MAIL wwessels@kearneygov.org WEBSITE www.cityofkearney.org REQUEST FOR TAX INCREMENT FINANCING Please
More informationDRAFT. Housing and Redevelopment Authority of the City of Annandale, Minnesota DDA. Tax Increment Financing District No. 1-14
DRAFT Housing and Redevelopment Authority of the City of Annandale, Minnesota Tax Increment Financing Plan for Tax Increment Financing District No. 1-14 (HS Pintail, LLC Apartment Project) To be Adopted:
More informationTax Increment Finance (TIF) Phase II Update
Title: Agenda Item Executive Summary Presenter: Megan E. Pierce, Assistant Village Manager Agenda Date: 10/10/2017 Ordinance Resolution Bid Authorization/Award Consent: YES NO Policy Direction Informational
More informationTIF and IRBs Financing Meadowbrook Redevelopment. Presented by:
TIF and IRBs Financing Meadowbrook Redevelopment Gary Anderson Gilmore & Bell, P.C. Presented by: Adam Pope Columbia Capital Management, LLC Tax Increment Financing (TIF) Basics Economic development tool
More informationANNUAL DEVELOPMENT ACTIVITY AND DISCLOSURE REPORT $4,115,000 CITY OF WHEELING, WEST VIRGINIA STONE BUILDING RENOVATION PROJECT SERIES 2005 A BONDS
ANNUAL DEVELOPMENT ACTIVITY AND DISCLOSURE REPORT $4,115,000 CITY OF WHEELING, WEST VIRGINIA STONE BUILDING RENOVATION PROJECT SERIES 2005 A BONDS FOR THE PERIOD ENDING DECEMBER 31, 2008 Prepared by: MUNICAP,
More informationCity Council Meeting. July 23, 2018
City Council Meeting July 23, 2018 1 City Manager Update City Council Meeting July 23, 2018 2 Things to know Court Street Two-Way Conversion Phase I: Academy to Atwood Crews working on new pavement markings
More informationTax Increment Finance City of Peoria Tax Increment Area Redevelopment Plan and Project Central Business District
Tax Increment Finance City of Peoria Tax Increment Area Redevelopment Plan and Project Central Business District 2013 Amended Redevelopment Plan and Project March, 2013 Original Document (September,1986)
More informationURBAN RENEWAL PLAN CRESTON ECONOMIC DEVELOPMENT DISTRICT 2006
URBAN RENEWAL PLAN CRESTON ECONOMIC DEVELOPMENT DISTRICT 2006, Iowa This provides for the development of the Creston Economic Development District 2006. PARK LANE DEVELOPMENT ASSISTED LIVING PROJECT 8/25/06
More informationJoint-Review Board Green Bay Road TIF. Wednesday, April 17, 2019
Joint-Review Board Green Bay Road TIF Wednesday, April 17, 2019 Agenda I. Call to Order / Roll Call II. Introductions III. Designation of Public Member IV. Election of Chairperson V. Background and Overview
More informationTax Increment Financing(TIF): Joint Review Board Annual Meetings. Fiscal Year Ending December 31, 2014
Tax Increment Financing(TIF): Joint Review Board Annual Meetings Fiscal Year Ending December 31, 2014 November 9, 2015 Joint Review Board (JRB) - Introduction of members present - By law, must meet annually
More informationINTERGOVERNMENTAL AGREEMENT FOR PAYMENT OF CERTAIN IMPACT FEES AND COSTS BY AND BETWEEN THE CITY OF FARMER CITY, DEWITT COUNTY, ILLINOIS AND
INTERGOVERNMENTAL AGREEMENT FOR PAYMENT OF CERTAIN IMPACT FEES AND COSTS BY AND BETWEEN THE CITY OF FARMER CITY, DEWITT COUNTY, ILLINOIS AND BLUE RIDGE COMMUNITY UNIT SCHOOL DISTRICT NO. 18, DEWITT COUNTY,
More informationTIF in Des Moines, IA. March 2010 City Manager s Office City of Des Moines
TIF in Des Moines, IA March 2010 City Manager s Office City of Des Moines What is TIF? TIF = Tax Increment Financing It s a flexible economic development tool. TIF can only be used in an urban renewal
More informationVIRGINIA TIF PROGRAM. 2. Property assembly costs, including acquisition, demolition, site preparation and improvement, etc;
VIRGINIA TIF PROGRAM Illinois statute provides for municipalities to designate areas TIF districts (TID). These areas qualify for designation by suffering from such factors as blight, obsolescence, deterioration,
More informationCity of Oak Grove, Missouri. Economic Development Incentives Policy
City of Oak Grove, Missouri Economic Development Incentives Policy March 2008 TABLE OF CONTENTS Policy Introduction 3 Page Tax Increment Financing (TIF) 4 Chapter 100 Industrial Development Bonds 6 Chapter
More informationTax Increment Financing(TIF): Joint Review Board Annual Meetings. Fiscal Year Ending December 31, 2013
Tax Increment Financing(TIF): Joint Review Board Annual Meetings Fiscal Year Ending December 31, 2013 August 11, 2014 Joint Review Board (JRB) - Introduction of members present - By law, must meet annually
More informationWAUKEE CENTRAL URBAN RENEWAL PLAN WAUKEE CENTRAL URBAN RENEWAL AREA WAUKEE, IOWA
WAUKEE CENTRAL URBAN RENEWAL PLAN for the WAUKEE CENTRAL URBAN RENEWAL AREA WAUKEE, IOWA October 2017-1 - TABLE OF CONTENTS SECTION A. INTRODUCTION B. DESCRIPTION OF THE URBAN RENEWAL AREA C. AREA DESIGNATION
More informationEconomic Development Financing Tools Presented February 23, 2012 by Joe Lauber
Economic Development Financing Tools Presented February 23, 2012 by Joe Lauber Serving those who serve the public Economic Development Tools in Missouri TIF Blight remediation costs reimbursed by incremental
More informationMUNICIPAL TAX INCREMENT FINANCING (TIF)
MUNICIPAL TAX INCREMENT FINANCING (TIF) This has been prepared by NMDC with the goal of familiarizing the reader with how TIF works. This NOT intended to replace program regulations or state statute governing
More information(The Ohio Estate Law Blog (Kohrman, Jackson, & Krantz)
Tax Increment Financing (TIF), An Overview (The Ohio Estate Law Blog (Kohrman, Jackson, & Krantz) www.ohiorelaw.com/2008/07/tax-increment-financing-tif-overview.html) Special thanks to Matthew Galan, a
More informationORDINANCE NO AN ORDINANCE PROPOSING THE DESIGNATION OF THE DOWNTOWN REDEVELOPMENT PROJECT AREA AND THE
ORDINANCE NO. 2014-4558 AN ORDINANCE PROPOSING THE DESIGNATION OF THE DOWNTOWN REDEVELOPMENT PROJECT AREA AND THE ADOPTION OF TAX INCREMENT FINANCING, CONVENING A JOINT REVIEW BOARD AND SCHEDULING A PUBLIC
More informationRaymond Munch, Interim City Manager Marc Thorson, Information Technology Director
DATE: December 12, 2018 TO: FROM: SUBJECT: Honorable Mayor Jerry Smith City Council Raymond Munch, Interim City Manager Marc Thorson, Information Technology Director Authorizing the Design and Construction
More informationTax Increment Recapture & Infrastructure Grant Program NE 8 Avenue North Miami, FL Phone: (305) Fax: (305)
Tax Increment Recapture & Infrastructure Grant Program 12340 NE 8 Avenue North Miami, FL 33161 Phone: (305) 895-9839 Fax: (305) 895-9822 1 Tax Increment Recapture Program The NMCRA will use tax increment
More informationCity of Caribou Tax Increment Financing Policy/Ordinance
City of Caribou Tax Increment Financing Policy/Ordinance INTRODUCTION Tax Increment Financing (TIF) is one of the few techniques authorized under state law to promote economic development projects by cities
More informationTax Increment Financing: Smallman Street, Strip District Initial Request. Pittsburgh Public Schools Business/Finance Committee June 6, 2017
Tax Increment Financing: Smallman Street, Strip District Initial Request Pittsburgh Public Schools Business/Finance Committee June 6, 2017 Agenda 1. Tax Increment Financing (TIF) & TIF Process 2. Produce
More informationCITY OF CASSELBERRY. COMMUNITY REDEVELOPMENT AGENCY 95 Triplet Lake Drive Casselberry, Florida CRA JUSTIFICATION REPORT
CITY OF CASSELBERRY COMMUNITY REDEVELOPMENT AGENCY 95 Triplet Lake Drive Casselberry, Florida 32707 CRA JUSTIFICATION REPORT OCTOBER 2016 CASSELBERRY CRA JUSTIFICATION REPORT EXECUTIVE SUMMARY The City
More informationTAX INCREMENT FINANCE DISTRICT No. 11 PROJECT PLAN
TAX INCREMENT FINANCE DISTRICT No. 11 PROJECT PLAN Adopted Prepared By: Finance Director City of Eau Claire, Wisconsin 203 S. Farwell St. Eau Claire, WI 54701 CITY OF EAU CLAIRE TAX INCREMENTAL DISTRICT
More informationREQUEST FOR COUNCIL ACTION
REQUEST FOR COUNCIL ACTION Date: June 22, 2015 Item No.: 15.a Department Approval City Manager Approval Item Description: Tax Increment Financing (TIF) District Overview 1 2 3 4 5 6 7 8 9 10 11 12 13 14
More informationPROPOSED I-435 & ANTIOCH MIXED-USE REDEVELOPMENT PROJECT
City Hall 8500 Santa Fe Drive Overland Park, Kansas 66212 www.opkansas.org November 26, 2014 Mayor Carl Gerlach Council President John Skubal Members of the City Council PROPOSED I-435 & ANTIOCH MIXED-USE
More informationDerby North Gateway Tax Increment Financing District Redevelopment Project Plan. July 25, 2013
Derby North Gateway Tax Increment Financing District Redevelopment Project Plan July 25, 2013 1 Table of Contents I. Summary of Feasibility Study... 3 (Includes District Map and Legal Description) II.
More informationNOTICE OF ANNUAL MEETING OF JOINT REVIEW BOARD
NOTICE OF ANNUAL MEETING OF JOINT REVIEW BOARD Kendall County BristolKendall Fire Protection District 111 West Fox Street 103 East Beaver Street Yorkville, Illinois 60560 Yorkville, Illinois 60560 United
More informationREDEVELOPMENT AGENCY OF THE CITY OF OREM
City of Orem 56 North State Street Orem, Utah 84057 www.orem.org TABLE OF CONTENTS EXHIBIT "A" Revenues 1 Budget Summary 2 Operating Departments: Project Area #85-01 3 Project Area #85-02 5 Project Area
More informationI. Is It Possible to Make Everybody Happy with a TIF Statute?
I. Is It Possible to Make Everybody Happy with a TIF Statute? A. Proponents of TIF state: Tax revenues are created that would not otherwise be created. 1. Local government is not giving up any revenue,
More informationVILLAGE OF WINTHROP HARBOR, ILLINOIS TIF REDEVELOPMENT PLAN SHERIDAN ROAD TIF DISTRICT
DRAFT DATED 01/08/2019 VILLAGE OF WINTHROP HARBOR, ILLINOIS TIF REDEVELOPMENT PLAN SHERIDAN ROAD TIF DISTRICT Redevelopment plan" means the comprehensive program of the municipality for development or
More informationTax Increment Financing Basics
Tax Increment Financing Basics 10/29/2014 1 Overview TIF program history Basic TIF rules Approval process Sample cash flow 2 TIF Program History Original program created by the State Legislature in 1975
More informationAs the TIF World Turns
Iowa League of Cities 2012 Annual Conference & Exhibit As the TIF World Turns Handouts and presentations are available online at www.iowaleague.org Mark Cory and Patricia Martin, Ahlers & Cooney CAVEAT
More informationA Primer on TIF: What It Is, Why It s Controversial November, 2006
A Primer on TIF: What It Is, Why It s Controversial November, 2006 Kenneth P. Thomas, Department of Political Science, University of Missouri-St. Louis E-mail: KPTHOMAS@UMSL.EDU Sponsored by the Sierra
More informationNortheast Gateway 2 Urban Renewal Plan. City of Des Moines, Iowa
Prepared by: Carrie Kruse, Office of Economic Development, 400 Robert D. Ray Drive, Des Moines, IA 50309 Phone: 515/283-4012 Return Address: City Clerk City Hall, 400 Robert D. Ray Drive, Des Moines, IA
More informationCity of Park Ridge Uptown Tax Increment Finance (TIF) District Review And Options for Future Action. Prepared by: Kane, McKenna and Associates, Inc.
City of Park Ridge Uptown Tax Increment Finance (TIF) District Review And Options for Future Action Prepared by: Kane, McKenna and Associates, Inc. Prepared for: The City of Park Ridge January, 2013 150
More informationThe GN is committed to providing programs, which facilitate local government, to promote greater local autonomy and accountability.
POLICY STATEMENT The Government of Nunavut (GN), under the authority of the Financial Administration Act, may provide operating grants and contributions to assist municipal corporations in the delivery
More informationTIF and New Markets Tax Credits: Economic Development Finance Tools with Applicability for Broadband Tony Q. Smith, S. B. Friedman & Company
TIF and New Markets Tax Credits: Economic Development Finance Tools with Applicability for Broadband Tony Q. Smith, S. B. Friedman & Company November 5, 2013 Broadband Communities Economic Development
More informationTIF REDEVELOPMENT PLAN
6/16/14 VILLAGE OF LINCOLNWOOD TIF REDEVELOPMENT PLAN DEVON-LINCOLN TIF DISTRICT Redevelopment plan" means the comprehensive program of the municipality for development or redevelopment intended by the
More informationDRAFT BUSINESS SUBSIDY POLICY. This Amendment and Restatement Adopted: Original Policy Adopted: 01/20/04 Amended: 02/22/11
BUSINESS SUBSIDY POLICY DRAFT This Amendment and Restatement Adopted: Original Policy Adopted: 01/20/04 Amended: 02/22/11 City of Maple Grove Administration Department 12800 Arbor Lakes Parkway P.O. Box
More informationTax Increment Financing Practice and Policy Seminar Tuesday, July 24, 2007 Marquette University
Tax Increment Financing Practice and Policy Seminar Tuesday, July 24, 2007 Marquette University Laura Mirkin Radcliff Managing Director Public Finance A.G. Edwards Phone: 314.955.4201 laura.radcliff@agedwards.com
More informationREDEVELOPMENT LAW BASICS
REDEVELOPMENT LAW BASICS Tax Increment Financing Tools For Local Governments April 18, 2019 Adam S. Long Copyright Smith Hartvigsen, PLLC 2019 All Rights Reserved What is a Redevelopment Agency? Officially
More informationShakopee, Minnesota Shakopee Economic Development Authority
Shakopee, Minnesota Shakopee Economic Development Authority Modification to Redevelopment Plan for Minnesota River Valley Housing and Redevelopment Project No. 1 And Tax Increment Financing Plan for Tax
More informationVILLAGE OF SKOKIE TIF REDEVELOPMENT PLAN WEST DEMPSTER TIF DISTRICT
Exhibit C VILLAGE OF SKOKIE TIF REDEVELOPMENT PLAN WEST DEMPSTER TIF DISTRICT Redevelopment plan" means the comprehensive program of the municipality for development or redevelopment intended by the payment
More informationUrban Renewal Post-HB 1348 Working Successfully with County Partners. Commissioner Chaz Tedesco Adams County
Urban Renewal Post-HB 1348 Working Successfully with County Partners Commissioner Chaz Tedesco Adams County Adams County Adams County s experience with urban renewal Population of 490,000; nearly 100,000
More informationExhibit A: PDC Commission Documents. Report on the Tenth Amendment to the. South Park Blocks Urban Renewal Plan. Portland Development Commission
Report on the Tenth Amendment to the South Park Blocks Urban Renewal Plan Portland Development Commission June 18, 2008 TABLE OF CONTENTS I. INTRODUCTION...1 II. III. IV. EXISTING PHYSICAL, SOCIAL AND
More informationTax Increment Finance (TIF) in Allegheny County
Tax Increment Finance (TIF) in Allegheny County National Community Development Association 2008 Annual Conference Pittsburgh, PA Presented by: Maurice Strul, Assistant Director Allegheny County Economic
More informationCITY OF ARLINGTON, TEXAS
TAX INCREMENT REINVESTMENT ZONE Numbers 1-5 ANNUAL REPORT OCTOBER 1, 2006 - SEPTEMBER 30, 2007 CITY OF ARLINGTON, TEXAS TABLE OF CONTENTS CITY OF ARLINGTON PROFILE Tax Increment Reinvestment Zone No. 1......
More informationGrowing Community Projects Made Possible with Tax Increment Financing ( TIF )
Growing Community Projects Made Possible with Tax Increment Financing ( TIF ) James E. Parsons Taft Stettinius & Hollister LLP 1717 Dixie Highway, Suite 910 Covington, Kentucky 41011-4704 Phone: 858-331-2838
More informationCHAPTER 7 VILLAGE TAX INCREMENT FINANCING CODES ARTICLE I: GENERAL PROVISIONS
CHAPTER 7 VILLAGE TAX INCREMENT FINANCING CODES ARTICLE I: GENERAL PROVISIONS Sec. 7-0. GENERAL - APPLICABILITY. The provisions of this Chapter shall apply to all persons, departments, offices, businesses,
More informationEnvironmental Business & Funding Sources Conference
Environmental Business & Funding Sources Conference ARRA Build America Bonds Time to Refinance? -and- Use of TIF s September 15, 2016 Discussion Roadmap I. History of ARRA Funding II. BAB Basics III.Refunding
More informationMDEQ Brownfield Incentives
MDEQ Brownfield Incentives Foreign Trade Zone Building Sault Ste. Marie (before and after) Jeff Hukill Brownfield Program Coordinator Upper Peninsula and Mid-Michigan Presentation Overview Define Brownfields
More informationPROPOSED CITY OF WACO TAX INCREMENT FINANCE DISTRICT NUMBER ONE FAÇADE IMPROVEMENT PROGRAM
PROPOSED CITY OF WACO TAX INCREMENT FINANCE DISTRICT NUMBER ONE FAÇADE IMPROVEMENT PROGRAM I. GENERAL PURPOSE AND OBJECTIVES A. The purpose of the City of Waco Tax Increment Finance (TIF) District Number
More informationSeptember 24, Dear ITIA member:
September 24, 2003 Dear ITIA member: Local taxing bodies and ITIA members have frequently raised questions about how overlapping local taxing bodies can legally be assisted using tax increment funds. In
More informationPanama City Beach: services/community redevelopment agency cra
Staff was asked to research the following cities to determine how their redevelopment areas were funded. Provided below are our findings for Panama City Beach, Panama City, Jacksonville Beach, and New
More informationTENTH AMENDMENT TO THE KCI CORRIDOR TAX INCREMENT FINANCING PLAN
TENTH AMENDMENT TO THE KCI CORRIDOR TAX INCREMENT FINANCING PLAN I. Introduction The Tenth Amendment to the KCI Corridor Tax Increment Financing Plan (the Tenth Amendment ) shall amend the KCI Corridor
More informationEconomic Development Chapter (February 24, 2015 DRAFT)
Economic Development Chapter (February 24, 2015 DRAFT) Vision: Richmond is a place that attracts and retains a diversity of businesses, growing our economy while maintaining our quality of life and small-town
More information