[Ord. No. 2125 §1, 7-22-2008]
A. It is
the policy of the City of Eldon ("the City") to consider the judicious
use of tax increment financing (TIF) pursuant to the Real Property
Increment Allocation Redevelopment Act, Sections 99.800 to 99.865,
RSMo., as amended ("the Act"), for those projects which demonstrate
a substantial and significant public benefit. Public benefit includes:
creating new jobs, retaining existing jobs, eliminating blight and
the conditions that may lead to blight, providing and improving public
infrastructure, strengthening the employment and economic base of
the City, increasing property values and tax revenues, reducing poverty,
creating economic stability, stabilizing and upgrading existing neighborhoods
and areas and implementing the economic development strategy of the
City.
B. Care
will be exercised in the consideration of TIF by thoroughly evaluating
each project to ensure that the benefits which will accrue from the
approval of a proposed TIF Redevelopment Plan are appropriate for
the costs which will result, and that the plan is equitable to the
City and other taxing districts.
[Ord. No. 2125 §1, 7-22-2008]
A. The following
criteria shall be used by the City and the TIF Commission (as defined
herein) to evaluate TIF applications:
1. Each
TIF applicant must demonstrate that without the use of TIF, the project
is not feasible and would not be completed.
2. TIF
assistance for public infrastructure is favored; e.g., off-site street
improvements, utility, lighting and extraordinary costs associated
with removal of existing manmade site conditions.
3. Each
TIF application must include evidence that the applicant:
a. Has
thoroughly explored alternative financing methods; and
b. Possesses
the financial and technical ability to complete and operate the project.
4. Preference
will be given to applicants who contribute equity of at least fifteen
percent (15%) of the total cost of the project or provide a performance
bond for the completion of the project; projects with equity contributions
from the developer in excess of fifteen percent (15%) will be viewed
more favorably.
5. The
TIF project shall not negatively impact the credit rating of the City.
6. TIF
projects that create jobs with higher paying wages are favored; each
TIF applicant will provide the following statistics:
a. The
total number of additional employees that will be hired and potential
that they will be hired from the local population; and
b. The
skill, educational level, range of salary and compensation required
for jobs expected to be created.
7. If the
project will involve development/redevelopment of vacant land, it
should conform to the City's plans and programs and serve as a catalyst
for further, high quality development or redevelopment.
8. Projects
involving redevelopment of existing retail, commercial, office or
industrial properties should serve to stabilize areas that have or
will likely experience deterioration.
9. Projects
for retail and service commercial uses should be targeted to those
uses that encourage an inflow of customers from outside the City or
that will provide services or fill retail markets that are currently
unavailable or in short supply in the City.
10. Projects
involving redevelopment of existing residential neighborhoods should
serve to stabilize areas that have or are likely to experience deterioration.
11. Projects
involving new residential development should fulfill a significant
housing need for the City's current or projected population without
substantially impacting public services and facilities, including
schools. Pass-through agreements may be entered into for identified
taxing entity impacts.
12. Projects
involving development/redevelopment of business areas should include
information regarding:
a. The
proposed business types and major tenants;
b. The
population areas from which the project will draw; and
c. The
businesses of similar types that would be competing with TIF area
businesses.
[Ord. No. 2125 §1, 7-22-2008]
An application form supplied by the City shall be completed
and signed by any entity interested in acquiring tax increment financing
in the City.
[Ord. No. 2125 §1, 7-22-2008]
The City intends to recover the costs associated with the consideration
of TIFs. The entity requesting the TIF shall agree to pay all staff,
legal and consultant costs for the analysis, development and finalization
of the TIF Redevelopment Plan and for the costs of special TIF counsel.
The City will estimate the cost of such fees and the requesting entity
shall deposit that amount with the City before the City convenes the
TIF Commission. The developer shall pay all additional costs incurred
during the project analysis and finalization that exceed the deposit.