"Those will be eligible costs," within the city's proposed
Milliken, Danville Senior Planner
Other incentives that could help potential buyers with needed work on the properties are a façade rebate program or matching grants, Tammen said. She said business equipment can't be paid with TIF funds. Usually projects are dealt with on a case-by-case basis, she added.
Eight residents, property owners and business representatives were on hand for the meeting.
Milliken said the city's most successful one has been the Midtown TIF with the Carle on
Some residents in the proposed
Smith has lived in the
"I love it," Smith said about living in the Wolford. "It's comfortable for my age group."
Byram asked whether
Milliken said there has been talk of expanding the downtown special service area taxing district but it's not part of the TIF district plans. Milliken also said most of the funds in the special service area go to administration costs and not back into buildings.
The city invited residents and property owners in the proposed TIF area to attend Monday's meeting to learn about the designation process and review the plan report and maps. A public hearing on the TIF district could be on the
A TIF district is a tool to help facilitate reinvestment and redevelopment. TIF districts allow cities to redistribute a portion of property taxes to programs that will either encourage new development and/or the revitalization of existing development without raising existing taxes or creating new taxes. When a TIF district is established a base value of property within the TIF district is established.
The property taxes created from increases in the property values over this base (the tax increment) will be allocated to eligible projects within the TIF district.
The Redevelopment Project Area (RPA) is generally bounded by
The new proposed TIF district contains about 237 properties. Forty percent of the 132 buildings are vacant, partially vacant or underutilized; about 39 percent of the 237 parcels are being utilized for surface parking lots or are vacant parcels; and about 25 percent of the parcels are tax exempt.
No specific projects have been identified, but city officials see some of the initial focus of the TIF district being on more façade grants and grants to assist in converting upper story spaces into residential living units.
The proposed district is eligible for a TIF designation as a blighted area for improved land based on: lagging equalized assessed value; obsolescence; deterioration; presence of structures below minimum code standards; excessive vacancies and underutilization; excessive land coverage and overcrowding of structures; and lack of community planning.
During the last five years, the equalized assessed value of the RPA for both the improved and vacant parcels combined has experienced an overall decrease of 24 percent. The total EAV has decreased from
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