Fiscal Note
[enter Fiscal Note here]
Title
Report of the TIF Policy Ad Hoc Committee.
Body
To the Mayor and Common Council:
RE: REPORT OF THE TIF POLICY AD HOC COMMITTEE AND REQUEST TO EXTEND THE DEADLINE FOR FINAL REPORT TO 12/31/07
EXECUTIVE SUMMARY
On October 3, 2006 the Common Council adopted resolution, Legislative File Number 04562, adopting amendments to the TIF Policy and created an ad hoc TIF Policy Committee. The Common Council instructed the committee to report its recommendations to the Board of Estimates by August of 2007 concerning "issues dealing with overall goals of our TIF Policy, such as Economic Development, Public Works and Residential Development..." To date, the committee has not completed its review of all the issues and goals of TIF Policy. The committee requests an extension of the deadline to December 31, 2007.
PROGRESS TO DATE
The committee met for the first time on November 30, 2006 to address the issues outlined above. However, in January of 2007, the Board of Estimates referred resolution Legislative File 05380 ($4.9 million TIF Loan to Union Corners, LLC) to the committee requesting a recommendation whether the City should waive or make exception to the equity participation payment in TIF Policy in response to a developer's request (Union Corners) to do so. During the committee's deliberation, the City and Union Corners resolved the issue in March of 2007, with the developer agreeing to accept the equity participation payment formula in place as of December 31, 2008 with a few conditions.
With the Union Corners project more or less resolved, the committee continued discussion concerning equity participation. Between March and May of 2007, the committee reviewed equity participation formula that affects for-sale projects (i.e. condos) and appeared close to a recommendation. However, the formula affecting rental projects remained outstanding.
The committee had scheduling difficulty from mid-June throu...
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