[Ord. No. 2144 §1, 2-15-2000]
It is the policy of the City to consider the use of tax increment financing for those projects which demonstrate a substantial and significant public benefit by eliminating blight, financing desirable public improvements, strengthening the employment and economic base of the City and other taxing jurisdictions, increasing property values, reducing poverty, creating economic stability, upgrading older neighborhoods and area, and facilitating economic self-sufficiency.
[Ord. No. 2144 §2, 2-15-2000]
The City hereby adopts the following procedures for bids and proposals for the implementation of redevelopment projects:
The City shall solicit proposals with respect to the implementation of each proposed redevelopment project.
Each request for proposal shall state the primary objectives of the proposed redevelopment area or redevelopment project.
Each request for proposal shall provide a reasonable opportunity for any person to submit alternative proposals or bids.
Each request for proposal shall be mailed to those persons or firms which the City determines might be interested in submitting a bid, and shall be published in a newspaper of general circulation in the City. Each request for proposal shall provide at least thirty (30) days for the submission of a proposal.
Each proposal must demonstrate that "but for" the use of tax increment financing, the project is not feasible.
Criteria for the selection of proposals for redevelopment projects will include, but not be limited to:
The impact of the proposed project on the City and other taxing jurisdictions;
The proposed cost of the project;
The amount of tax increment financing requested;
The term over which tax increment financing is projected to be utilized;
The extent to which the applicant controls the properties within the area which is the subject of their proposal;
The proposed plan for relocation of existing owners and tenants;
The effect on adjacent properties and surrounding areas;
The financial resources available to the applicant;
The applicant's familiarity and experience in completing projects of the type proposed; and
Such additional criteria as the City deems appropriate for the selection of bids and proposals and which are more particularly set forth in the request for proposal.
[Ord. No. 2144 §3, 2-15-2000]
The foregoing policies and procedures have been adopted pursuant to Section 99.820.1 of the Act.