REGIONAL PLANNING Santas Warehouse A Tax Increment Financing

REGIONAL PLANNING Santa’s Warehouse A Tax Increment Financing Example December 28, 2016

REGIONAL PLANNING Every project starts with an idea Santa needs a distribution warehouse in the Central U. S. Santa’s Warehouse

REGIONAL PLANNING TIF Application Submit application to Regional Planning/CRA Public document Details the general project, costs and funding sources Santa’s submits his application Jan. 11, 2017

REGIONAL PLANNING Redevelopment Plan § Includes all Statutory Requirements § Cost Benefit Analysis § Kick starts a series of public meetings

REGIONAL PLANNING Meeting Timeline

REGIONAL PLANNING Meeting Timeline

REGIONAL PLANNING Meeting Timeline

REGIONAL PLANNING Meeting Timeline

REGIONAL PLANNING Meeting Timeline

REGIONAL PLANNING After all the public meetings:

REGIONAL PLANNING Issuance of TIF Funds • Limited use • Purchase TIF bonds • No real money changes hands • May be taxable income

REGIONAL PLANNING TIF Bond

REGIONAL PLANNING Notice of Intent to Divide

REGIONAL PLANNING Funding the TIF Bond

REGIONAL PLANNING Send Proof of Funding to CRA

REGIONAL PLANNING Release of Bond to Developer

REGIONAL PLANNING Assignment of Bond

REGIONAL PLANNING Tax payouts - Year 1

REGIONAL PLANNING Throughout the process

REGIONAL PLANNING County Treasurer Splits Taxes

REGIONAL PLANNING Tax payouts – Year 2

REGIONAL PLANNING When bond is paid or expires

REGIONAL PLANNING Tax payouts – Project Completion

REGIONAL PLANNING Full taxes go to taxing entities

REGIONAL PLANNING During the TIF process Elected officials are invited to multiple meetings General public may comment at meetings. Meeting schedule takes two to six months No tax revenue is lessened Public is ensured new infrastructure & improvements Public is ensured increased future tax base