 |
|
|
Typical TIF Structure
 |
|
|
|
|
| - |
|
Use of condemnation to acquire some sites
|
| - |
|
$7,500,000 TIF Note at 8% interest
|
| - |
|
Secured by new real estate and sales taxes
|
|
|
This shopping center site required assembling many properties, including
residences and commercial parcels with existing business. The total
acquisition costs of about $12,000,000 would have made development
of this site economically unfeasible but for the TIF assistance that
helped reduce the cost of acquisition.
|
 |
|
|
Extraordinary Acquisition Costs |
|
$ |
6,000,000 |
Site Costs |
|
|
1,500,000 |
| |
|
|
----------------- |
TIF Eligible Cost Reimbursed |
|
$ |
7,500,000 |
| |
|
|
|
|
|
|
Typical TIF Structure
 |
|
|
|
|
| - |
|
Extraordinary cleanup and site
costs covered by the Developer Note.
|
| - |
|
Industrial development of 1,400,000
square feet
|
| - |
|
Extraordinary site costs are
being reimbursed from the Developer Note.
|
| - |
|
$14,000,000 TIF Note at 9% Interest.
|
|
|
This urban industrial site had major environmental problems. The
Developer entered into a contract to acquire the site, and negotiate
a Redevelopment Agreement with the city that allowed it to recover
40% of its total costs. The Developer Note of $14,000,000 is secured
only by new real estate taxes.
|
|
|
|
Acquisition Costs |
|
$ |
6,000,000 |
Site Costs |
|
|
4,000,000 |
Environmental Costs |
|
|
4,000,000 |
|
|
|
----------------- |
TIF Eligible Cost Reimbursed |
|
$ |
14,000,000 |
| |
|
|
|
|
