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Subject: Request regarding the proposed establishment of the project plan, boundaries and creation of Tax Incremental District No. 18. (Res No. 14-0386)
Recommendation of the City Plan Commission on 8-27-14: That the Plan Commission recommends that Tax Incremental District No. 18 be created with the boundaries designated in the Project Plan.
Further recommends that the Project Plan for Tax Incremental District No. 18, as adopted by the City Plan Commission on August 27, 2014, be approved.
Fiscal Note: The purpose of this District is to provide the necessary improvements in public infrastructure to eliminate blight, encourage economic development and increase property values. Over the next 22 years, the project plan ( the plan) anticipates expenditures of approximately $30.5 million for priority projects, and an additional $16.4 million contingent projects that may be undertaken if the tax increments generated exceed levels anticipated in the plan. The plan identifies General Obligation Bonds as a source of funding, however, the City will continue to pursue alternative financing methods which may provide overall lower costs of financing, preserve debt capacity, mitigate risk to the City, or provide other advantages. The plan estimates an increase in value of $22.5 million in the first three years. Over the full 27 year life of the District, the plan estimates an increase of approximately $114 million in value throughout the District.