No no. A tax unit that was not created by TIRZ but participates in the zone is not required to pay a tax increase to the tax supplement fund after the termination date provided by the regulation, unless the governing body of the participating tax unit enters into an agreement with the city`s governing body that created the zone. All 380 agreements must be approved by the city council. The administration`s policy is to use these agreements to reimburse the private sector for infrastructure investments approved by the City Council. In some cases, the City Council used TIRZs to conclude 380 agreements. Yes, with the agreement of the city. The city`s board of directors and governing body may enter into agreements with other entities to implement the project plan and funding plan. Yes, yes. Money in the fund may be placed temporarily if an agreement is reached with debt or bondholders. More information can be found in the August 6, 2018 staff presentation to City Council. Chapter 380 of the Local Government Transgression Act allows municipalities to offer incentives to promote economic development, such as trade and retail projects. In particular, Chapter 380 allows municipalities to provide loans and grants through urban funds or services to promote public and local economic development and stimulate commercial and commercial activities.
The TIF is an instrument that stimulates economic development. It is subject to the tax code, Chapter 311. Cities, alone or in partnership with other tax units, can use tax increase funding to pay for improvements to an area to attract new developments. A TIF project is launching development, so it can start generating additional tax revenue for local government. Local governments participating in an TIF project commit upstream to making public improvements within the area. These improvements encourage private investment in the area, for example. B the new growth of companies, which increases real estate values and generates new tax revenues. TIF authorizes yes, a new public hearing is needed if the city wants to pass a bylaw that: Yes. Each year, the city appoints one member for one year from January 1. The board of directors may elect a vice-president and other officers, if it deems it appropriate. The Vice-President will assume the presidency in the event of the President`s absence.
Consulting Contract-Phase II (for TIRZ Creation) Awarded to Hawes Hill – Assoc. with George Schrader (March 4, 2019) Based on the original RFP (Request for Proposal) for TIRZ consulting services, Hawes Hill was the selected company that carried out both the feasibility analysis (phase I) and the completion of TIRZ (phase II). However, the staff did not follow the Phase II treaty until developments were deemed feasible. Hawes Hill was selected based on its approach, the professionalism of the reaction, the qualifications, the directly related experience in this area, the overall experience of the company and the key collaborators associated with this study, the expected services and the estimated costs. A breakdown of the analysis of the responses by the stick is attached as a reference. In preparation for the creation of a TIRZ, City Council has approved the second consultation contract with Hawes Hill Associates for the creation of the Tax Inc. Reinvestment Area, which will include the development of the necessary project and funding plan and related administrative services. The subject council contract does not in any way require the city to create a TIRZ, but will provide the city with the necessary documents to formally verify the implementation of a TIRZ.
For more information, see the staff presentation to city council on March 4, 2019 and the contract between the City and HawesHill Associates for Phase II services. Yes, yes. The city can sell tax elevators or bonds to increase revenue to pay the cost of the project.