COM 0729.005 2008-2010 - Laserfiche WebLink

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C9- 17- 1C;09:01AM; :and use research The Honorable Donald Ikeda, Chair The Honorable Guy Enriques, Vice Chair Committee on Planning September 20, 2010 Page 4 ,53601 JL # 4! 2. The County may issue and sell bonds to provide funds for such improvement districts. Bonds issued to provide funds for such improvements maybe 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. Conclusion. LURF is opposed to simply shifting the burden for securing infrastructure capacity from the County to the applicants for new developments, which will increase the costs of affordable housing. Bill 23.5, Draft 2 is inconsistent with the Hawaii County Impact Fee Study. LURF respectfully recommends that the Council follow the recommendations in the Hawaii County impact Fee Study: (1) have a more extensive and comprehensive discussion of funding options for new infrastructure and public facilities; and (2) create an Impact Fee Working Group to explore new and creating funding options and make recommendations; and (3) consider realistic alternatives to provide the necessary infrastructure to accommodate future growth. Thank you for the opportunity to provide comments and opposition to Bill 215, Draft 2.