PROGRAM: To facilitate the City's financing the construction of public improvements, fund acquisition costs and/or to defray the cost of the City being involved in a development project.
TYPE OF ASSISTANCE: Redirects payment of real property taxes in the amount of the value of new improvements.
MAXIMUM AMOUNT: There is no maximum.
REPAYMENT: Based upon the terms/conditions of a negotiated Redevelopment Agreement between the City and a developer.
BENEFITS: Permits development activities to move forward by providing a reliable revenue stream for the repayment of the City's initial investment in land assembly and/or public improvements.
ELIGIBILITY: The land which is to be redeveloped must be acquired by the City with it's own funds and the City must retain title to the land or the project must meet Public Purpose criteria.
