Review & Approval Process
A. Application for Tax Increment Financing assistance shall be made on the forms provided by
B. In addition to the information requested in the Tax Increment Financing assistance
application, the applicant shall submit a preliminary financial commitment from a financial
institution; plans and/or drawings for the project; background information on the applicant;
a proforma analysis; and financial statements. The City may also require that the
applicant meet with the Township Assessor to determine the level of increment that will be
generated by the proposed project.
In order for a project to be considered for TIF assistance, the following steps, and procedures
are required to be followed:
- Applicant project must be located within the boundary of the TIF district.
- Applicant must complete and return the appropriate application forms (attached)
- Application should be supplemented by all pertinent documentation (i.e., number of jobs to be created/retained, the total amount of investment, construction schedule, evidence of project financing, etc.) as stated in the application.
- Completed applications will be submitted to the Director of Community Development for review and comment. Incomplete forms will be returned to the applicant with an explanation of additional information as may be required.
Within thirty (30) days of acceptance of the application and required documentation, the
Director of Community Development will submit the application for review to the
Administrative Review Team.
- The Administrative Review Team may consist of the Economic Development Coordinator, Assistant Director of Community Development, City Treasurer, Director of Community Development, and the City TIF Attorney. The Administrative Review Team will review and consider the application and act upon it as promptly as possible. The Administrative Review Team may defer action on any application pending further information required to clearly evaluate the project. It shall be the responsibility of the applicant to supplement the application with information as may be required by the Director of Community Development in a timely manner. The Administrative Review Team will provide a recommendation to the Commission for Economic Development and Neighborhood Renewal.
The Commission for Economic Development and Neighborhood Renewal shall approve,
deny or amend the application. The decision of the Commission shall be made in an open meeting properly held and advertised. The Commission shall further provide the applicant with a written response of the actions of the Commission on the status of the application.
- The Commission for Economic Development and Neighborhood Renewal shall respect the confidentiality of financial records of the applicant as allowed by law.
The recommendation of the Commission for Economic Development and Neighborhood
Renewal must be submitted and approved by a majority vote of the City Board before
any incremental property tax usage can be realized.
- If approved by the City Board, a “letter of intent” outlining the specific terms
- Submit a completed application with all necessary attachments and documentation to the Planning and Development Department.
- Your request will be discussed at a subsequent appropriate Committee meeting. Your attendance is encouraged, and more than one meeting may be needed.
- The Committee will review the proposal and its conformance to the above guidelines and Redevelopment Plan. The Committee will then recommend by vote a specific level of assistance.
- The City’s legal staff will prepare a draft redevelopment agreement for your review and approval. Additional information may be necessary for the agreement.
- Once the agreement is finalized, legal staff will prepare an ordinance for adoption, which requires the City Council approval. Attendance is encouraged.
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