I.
PRE-FORMATION OF TIF
A.
Education of Board Members
1.
How TIF Operates
2.
TIF Requirements
3.
Options to District
B.
Contact Municipality
1.
Express Concerns
2.
Desire to Participate
3.
Options Available
II.
TIF IMPLEMENTATION
A.
Investigate
1.
Review property
a.
Qualifying characteristics
b.
Satisfy "but for..." Clause
2.
Issues to Answer
a.
Scope of TIF
b.
Number of years
c.
Commitments from developers
d.
Benefit to all TIF property - Is TIF overly large
e.
Type of development
f.
Could part or all of project be pay-as-you-go?
3.
Surrounding TIFs
a.
Similar in nature
b.
Settlement agreements
4.
Attend Meetings
a.
Joint Review Board Meeting
b.
Public Hearing
c.
City Council Meeting
B.
Evaluate Impact on District
1.
Impact on taxing body
2.
Political consequences of stance taken
C.
Meet with Municipal Leaders
D.
Propose Settlement
III.
AGREEMENT NEGOTIATION
A.
Possible TIF Concessions
1.
Property tax compensation
a.
"made-whole"
2.
Real estate impact fees
3.
Abatement of utility costs
4.
Shortened TIF life
5.
Limit geographic scope of TIF
6.
Restraints on future TIF types
7.
Re-evaluation of TIF periodically
8.
Job-training
9.
City made repairs to taxing body infra-structure
B.
Agreement Components
1.
Calculation of loss
2.
When is payment due
3.
Binding to successors
4.
Term of agreement
a.
Match length of TIF
5.
Ability to amend agreement
6.
Waiver of Rights clause
a.
Current plan only
7.
Establishment of initial EAV
8.
Penalty for agreement violations
9.
Alter TIF
a.
Disband if no growth in specific number of years
10.
Acknowledgement of burden on district
IV.
POST AGREEMENT
A.
Execution of Agreement
1.
Reduce to writing
2.
Adopted by City Council
3.
Proper parties execute
B.
Receipt of Payment
1.
Initial payment due
2.
Schedule of periodic payments
C.
Maintain Communication with Municipality
1.
Receive annual report
2.
Verify report data
3.
Communicate TIF impact to municipality
4.
Discuss any possible TIF amendments