HomeMy WebLinkAbout32. TIF Policy UpdateTO: Honorable Mayor & Members of the Comr.
Mark Rohloff, City Manager
FROM: Allen Davis, Community Development Dii
DATE: November 9, 2017
RE: TIF Policy Changes
The Common Council conducted two workshops on TIF policy and implementation issues this
past summer. Based on the comments that council members have provided, staff drafted three
updates to critical elements of the TIF Plan: 1) Timeline, 2) Application scoring, and 3)
Development Agreement parameters. These updates were provided to Common Council at the
October 10th, 2017 Council meeting in draft form for review and comment. Based on Common
Council input, staff has drafted new policies and are now updating the application to reflect
those changes. Staff will bring the new application for Council approval as a next step. Below is
a summary of the changes.
Staff has incorporated the following changes to the TIF Timeline:
• City Council input and direction on Development Agreement terms from the beginning.
• Council updates throughout the process.
• Council closed sessions regarding the proposed Development Agreement from the
beginning, with additional opportunities throughout, as needed.
• Council action on the TIF Plan first, then a subsequent meeting for action on the
Development Agreement.
• TIF Team review throughout the process.
Staff has incorporated the following changes into the application scoring sheets:
• More specific range of points for performance in the categories- based on the CIP scoring
sheet model.
• The Mixed -Use TIF scoring sheet has been created.
Staff has created a Development Agreement outline for all TIF applications:
• Clearly identifies proposed Development Agreement parameters such as pay -go dollar
amounts, funding limits, and interest rates.
• Sets expectations for look back clause for all TIFs, with two look backs for TIFs exceeding
20 years.
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