COM 0927.036 2004-2006 - Laserfiche WebLink

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7-18-06;10;26AM;1808b283463 ;18085283463 # 3/ i~ i roads, schools, or other infrastructure are judged to be insufficient to meet the standards i established within APFO's, the result is often a moratorium on building until the infrastructure is ready to come on line. The study recommended different financing options to provide adequate funding for infrastructure such as tax increment financing { and special tax (improvement) districts. i If the intent of proposed resolution is to find alternative ways to increase public infrastructure capacity for existing and future growth, than we suggest the Council j consider bundling the following tools to provide the necessary financing: t. Increase and/or dedicate a portion of the real property tax revenues to specific infrastructure. 2. The County may issue and sell bonds to provide funds for such improvement districts. Bonds issued to provide funds for such improvements may be either bonds when the only security therefore is the properties benefited or improved or the assessments thereon or bonds payable from taxes or secured by the taxing power of the county. 3. The County has the power to levy and assess a special tax on property located in a district to finance the special improvements (Community Facilities Districts) and to pay the debt service on any bonds issued to finance the special improvements. 4. Tax increment financing (TIF) is a way for governments (usually municipal authorities) to help finance new capital projects by taking advantage of expected property tax returns. A county, for example, may designate as a TIF district a plot of land that is planned to be redeveloped. Then the county can borrow against expected increased tax revenues to build infrastructure such as sewers, roads and transportation services. 5. Impact fees are a municipal assessment against new residential, industrial or commercial development projects to compensate for the added costs of public services generated by new construction. We strongly recommend that the Council consider realistic ways to provide the necessary infrastructure to accommodate future growth. LURF is opposed to simply halting further development because of existing infrastructure capacity. Thank you for the opportunity to provide comments on this matter. i i i i I