Redevelopment project costs shall not include costs incurred in connection with the construction of buildings or other structures to be owned by or leased to a Developer, except for multi-level parking facilities. FUNDING The City may use proceeds of special obligation bonds or full faith and credit tax increment bonds to finance the undertaking of a redevelopment project. The maximum maturity of any such special obligation bonds or full faith and credit tax increment bonds shall be 23 years. The City may also issue revenue bonds, or private activity bonds to benefit a Developer located within a redevelopment district. ELIGIBLE USES Special Obligation Bonds: Permissible redevelopment project costs or The City may special obligation bonds to expenses include but are not limited to: finance permissible expenses of a Acquisition, demolition, clearance and redevelopment project. Principle and interest other land assembly and site preparation on such bonds may be payable: activities. From tax increments allocated to, and paid Relocation assistance into a special fund of the City; Professional services such as architectural, From revenues of the City derived from or engineering, legal, property marketing and held in connection with the undertaking and financial planning carrying out of any redevelopment project; Financing costs, including interest From private sources, contributions, or assistance other financial assistance from the state or Area-wide public infrastructure federal government; improvements such as road and sidewalk From any combination of these methods. repairs, utility upgrades, water and sewer projects. Special obligation bonds are not general Rehabilitation or renovation of existing obligations of the City, nor in any event shall public or private buildings. they give rise to a charge against its general Correction or mitigation of environmental credit or taxing powers or be payable out of problems and concerns. any funds or properties other than those sources Job training, workforce readiness, and other set forth above. Should the annual increment related educational programs. fall short of the amount necessary to pay the Incentives to retain or attract private principal and interest of the special obligation development. bonds issued under this policy, the remaining Marketing amount payable is the responsibility of the
ELIGIBLE USES Permissible redevelopment project costs or expenses include but are not limited to: Acquisition, demolition, clearance and other land assembly and site preparation activities. Relocation assistance Professional services such as architectural, engineering, legal, property marketing and financial planning Financing costs, including interest assistance Area-wide public infrastructure improvements such as road and sidewalk repairs, utility upgrades, water and sewer projects. Rehabilitation or renovation of existing public or private buildings. Correction or mitigation of environmental problems and concerns. Job training, workforce readiness, and other related educational programs. Incentives to retain or attract private development. Marketing Redevelopment project costs shall not include costs incurred in connection with the construction of buildings or other structures to be owned by or leased to a Developer, except for multi-level parking facilities. FUNDING The City may use proceeds of special obligation bonds or full faith and credit tax increment bonds to finance the undertaking of a redevelopment project. The maximum maturity of any such special obligation bonds or full faith and credit tax increment bonds shall be 23 years. The City may also issue revenue bonds, or private activity bonds to benefit a Developer located within a redevelopment district. Special Obligation Bonds: The City may special obligation bonds to finance permissible expenses of a redevelopment project. Principle and interest on such bonds may be payable: From tax increments allocated to, and paid into a special fund of the City; From revenues of the City derived from or held in connection with the undertaking and carrying out of any redevelopment project; From private sources, contributions, or other financial assistance from the state or federal government; From any combination of these methods. Special obligation bonds are not general obligations of the City, nor in any event shall they give rise to a charge against its general credit or taxing powers or be payable out of any funds or properties other than those sources set forth above. Should the annual increment fall short of the amount necessary to pay the principal and interest of the special obligation bonds issued under this policy, the remaining amount payable is the responsibility of the
Incentive%20Guidelines%2020161024.docx