HomeMy WebLinkAbout[06a] State Jobs Incentive Package OpportunitiesDate: July 14, 2010
Memo To: Members of the EDAA
City Addministrator WWeyrens
Memo Fromm: Cynthiaa Smith-Stracck, MDG, Incc.
RE: State Sttimulus/Jobss Bill
Backgrounnd:
Chapter 216 (HF 2695/SSF 2568) is thhe 2010 state stimulus/jobss creation bill signed into laaw
on April 1, 22010. The billl contains a nnumber of proovisions relateed to the econnomic
development tools citiess use, includinng:
a. Exppanded authoority to use TIF for general economic deevelopment foor one year;
andd,
(NOOTE: uses/quualifying proojects are open ended annd can includde retail,
cotterminous booundaries noot needed, 9 years of inccrement, musst certify by
Junne 30, 2011 aand project sstart by July1, 2011).
b. Exppanded authoority to use exxcess TIF revenues for connstruction of nnew private
devvelopment.
(NOOTE: TIF 1-4 Gohman/Fabral has aboout $36,000 inn excess revvenue).
The aforemmentioned proovisions are teemporary in nature and muust be used byy mid-year
2011. Givenn a volume off projects undder discussionn within the CCity (e.g. food cooperative,
various bussiness expanssions, Kay’s KKitchen landscaping, Profeessional Plat ffinalization,
public parking, soils issuues, etc) Finance Director BBartlett and I have met witth our TIF
Consultant Traci Ryan reegarding poteential use of teemporary toools to promotee economic
development within the CCity. Our disccussion yieldeed a wide rangge of potentiaal options
which we’d like to discusss with the EDDA.
I have askeed Finance Diirector Bartlettt and TIF Consultant Ryann to attend thee EDA
meeting.
Action:
Discussion and commennt is kindly reqquested.