[R.O. 1992 § 154.010; Ord. No.
2239-08 § 1, 4-15-2008]
A. It is the policy of the City of Camdenton (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.
[R.O. 1992 § 154.020; Ord. No.
2239-08 § 1, 4-15-2008]
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 man-made 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.
[R.O. 1992 § 154.030; Ord. No.
2239-08 § 1, 4-15-2008]
An application form supplied by the City shall be completed
and signed by any entity interested in acquiring tax increment financing
in the City.
[R.O. 1992 § 154.040; Ord. No.
2239-08 § 1, 4-15-2008]
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.