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City Council Special Meeting


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AI-6635 New Business     B.       
City Manager  
Meeting Date: 10/22/2019  
Lexington Place TIF
Submitted By: Bryan Chodkowski
Department: Economic Development  
Council Committee Review?: Council Work Session
Date(s) of Committee Review: 10/08/2019
Audio-Visual Needs: None
Emergency Legislation?: Yes
Motion/Ordinance/
Resolution No.:

Agenda Item Description or Legislation Title
An Ordinance Creating A Residential Tax Increment Financing Incentive District; Declaring Improvements To The Parcels Within The Incentive District To Be A Public Purpose And Exempt From Real Property Taxation; Requiring The Owners Of Those Parcels To Make Service Payments In Lieu Of Taxes; Establishing A Municipal Public Improvement Tax Increment Equivalent Fund For The Deposit Of Those Service Payments; And Specifying The Public Infrastructure Improvements That Benefit Or Serve Parcels In The Incentive District, And Declaring An Emergency.
(first reading)
Purpose and Background
Pursuant to Council's previous direction, City Staff recommends Council consider the first reading of the ordinance during the City Council Special Meeting of October 22, 2019 and a second reading and consideration of adoption of the ordinance during the City Council Meeting on November 25, 2019.  In so doing, this legislation will become effective for Tax Year 2019/Calendar Year 2020.

Fiscal Impact
Source of Funds: N/A
Cost: N/A
Recurring Cost? (Yes/No): N/A
Funds Available in Current Budget? (Yes/No): N/A
Financial Implications:
Attachments
Ordinance
Exhibit A


    

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