Eligibility Criteria

If you have any questions about this application at any stage please contact zoning@bentonil.gov

A. Tax Increment Financing assistance will be provided by the City on a “pay-as-you-go”
note method. Requests for up-front financing may be considered on a case-by-case basis if
increment generation is sufficient to meet initial financing and debt service costs.

B. The amount of assistance provided to an applicant will be limited to the amount necessary to
provide the applicant a reasonable rate of return. An applicant’s return on equity, return on
cost, or internal rate of return will be based on current market conditions as determined by
the City or City’s Financial Advisor.

C. Projects receiving assistance must provide the City with a Certificate of Substantial
Completion and Certificate of Reimbursable Redevelopment Project Costs via First Class
US Mail, prior to any funding being released back to any developers. This shall include but
not limited to the submission of all supporting documents for each construction expense
such as invoices from vendors, proof of payment, and waivers of lien from contractors.

D. Project receiving assistance will be subject to a “lookback” provision. The lookback will
require the applicant to provide certified records of project costs and revenues, including
lease agreement within a specified period after project completion. Adjustments to the level
of assistance will be made to limit assistance in accordance with the development

E. The applicant must submit audited financial statements for the last three (3) years.
If the audited statements are comparative, only two (2) years are needed. If audited
statements are not available, three (3) years of annual financial statements and summary
schedules for other projects completed or started within the three (3) year timeframe covered
by the financial statements must be submitted. The applicant must also submit an interim
financial statement for the current year. Upon request, the City may permit these
documents to be provided to the City’s financial consultant in order to protect propriety
or confidential information.

F. Funding is provided solely for eligible expenses incurred after approval of a private redevelopment agreement by the City Council.

G. Eligible expenses for development projects can include relocation, demolition, site preparation, property assembly, and new construction.

H. Eligible expenses for redevelopment projects can include rehabilitation and restoration.

I. In conjunction with State legislation requirements and local objectives, the following guidelines also apply. These guidelines must be met for a project to be considered for funding.

  • Adequate funds must be available in the TIF redevelopment account.
  • All projects must be consistent with the goals and objectives in the Redevelopment Plan.
  • The applicant must pay all applicable real estate and other taxes.
  • The estimated eligible project costs must total $5,000 or more.
  • Reimbursements will be given in accordance with the City’s reimbursement policy and schedule.
  • The redeveloper must be an Equal Opportunity employer and contractor.
  • The City may seek alternate redevelopment proposals in accordance with state law.
Priority or additional assistance may be given to a project that results in one or more of the following:
  • A clear public benefit, such as off-street parking, restrooms, open space, or seating.
  • A substantial property or sales tax increase, such as a large expansion or new construction.
  • Restoration of a downtown building to its true, original historic appearance.


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