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AN RESOLUTION ESTABLISHING TAX INCREMENT FINANCING (TIF) CRITERIA FOR THE CITY OF JONESBORO
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WHEREAS, the City Council of the City of Jonesboro recognizes a need to establish criteria for the consideration of Tax Increment Financing Districts within the City of Jonesboro.
BE IT RESOLVED by the City Council for the City of Jonesboro, Arkansas that:
SECTION ONE: The following requirements must be submitted to the mayor, city clerk and city attorney no less than two weeks before consideration by the city council:
1. Tax Increment Financing (hereinafter referred to as “TIF”) District requirements as set out
in Amendment 78 of the Arkansas Constitution and subsequent legislation; and
2. Project Plan as set out in A.C.A. §14-168-306(b); and
3. TIF District property properly zoned for development purposes; and
4. TIF District site development plan approved by MAPC; and
5. Petition signed and certified by the County Clerk of over 50% of the property owners of the
appraised value within the proposed TIF District; and
6. Payment to the city of the cost of the Notice requirements as set out in A.C.A. §14-168-305 and any other applicable statutes.
SECTION TWO: Economic Development factors for the city council to consider for a TIF district designation, including, but not limited to, one or more of the following:
1. Development of unimproved property;
2. Total private investment in the TIF District;
3. Permanent full-time equivalent job creation;
4. Unique infrastructure needs which the TIF District funds would be applied;
5. Benefit to city and citizens in addition to the TIF District development (i.e. flood plain removal, regional detention pond, widened or new major street corridor);
6. List specific infrastructure and/or other improvements with projected costs which the TIF District funds will be applied;
7. Support of or no opposition by the effected school district or other government entity;
8. Duration of the TIF District; and/or
9. Other factor that requires TIF assistance.
SECTION THREE: Blighted area is defined as an area within the city limits which has substantially below city average property values, substantially above city market-average vacancies, substantially above city average crime rates, substantially above city average city code violations. Blighted area factors for the city council to consider for a TIF district designation, including, but not limited to, one or more of the following:
1. Rehabilitation of existing developed property;
2. Percentage of property vacant;
3. Length of time over 35% vacant;
4. Percentage of HUD defined low-income residents (if residential);
5. High incidents of personal or property crimes;
6. Benefit to city and citizens in addition to the TIF District development (i.e. flood plain removal, regional detention pond, widened or new major corridor);
7. Support of or no opposition by the effected school district or other government entity;
8. Duration of the TIF District; and/or
9. Other factor that requires TIF assistance.
SECTION FOUR: Failure to meet one or more of the factors does not preclude acceptance of TIF District. These factors will be used strictly as guidelines and the city council may consider other pertinent factors based upon the circumstances and the project.
PASSED AND ADOPTED this 20th day of September, 2004.