PROCEDURAL OUTLINE FOR DESIGNATION OF AN ECONOMIC DEVELOPMENT AREA A Guide for Developers

Initiation of Process Developers or their agents must notify Redevelopment Commission of their intent to request an Economic Development Area designation. Developers or their agents must notify Redevelopment Commission of their intent to request an Economic Development Area designation. –Developers can request confidential meeting with 1-2 redevelopment commission members to outline project and determine general eligibility. –To formally initiate the designation process developers or their agents must appear before the redevelopment commission and formally request both verbally and in letter form that the designation be made.

Information Needed for Designation of an Economic Development Area Upon request of designation the developer must provide a legal description of the property to be designated. Upon request of designation the developer must provide a legal description of the property to be designated. Detailed financial information must be submitted including the following: Detailed financial information must be submitted including the following: Status of financing for the project. Status of financing for the project. Detailed estimates of improvements to be made as part of the project. Detailed estimates of improvements to be made as part of the project. Detailed plans of the proposed improvements. Detailed plans of the proposed improvements. Itemized list of equipment including projected costs. Itemized list of equipment including projected costs. Details of equipment depreciation. Details of equipment depreciation.

Additional Information Needed Description of positions to be created by the project including: Description of positions to be created by the project including: Number of jobs to be created. Number of jobs to be created. Total payroll. Total payroll. Average hourly pay rate. Average hourly pay rate. Schedule for project. Schedule for project.

Time Schedule for Implementation* Approximately 30 days are needed to develop an Economic Development Plan and formulate a resolution initiating the creation of the EDA. Approximately 30 days are needed to develop an Economic Development Plan and formulate a resolution initiating the creation of the EDA. The redevelopment commission will then consider the plan and resolution for passage. The redevelopment commission will then consider the plan and resolution for passage. After passage the redevelopment commission must submit the Plan for comment and endorsement to the Plan Commission, City Council, and the County Council and Commissioners. This will take approximately 30 days. After passage the redevelopment commission must submit the Plan for comment and endorsement to the Plan Commission, City Council, and the County Council and Commissioners. This will take approximately 30 days. After the Plan is ready for final redevelopment commission approval, the commission shall distribute a tax impact statement to all affected taxing units and allow a remonstrance period. After the Plan is ready for final redevelopment commission approval, the commission shall distribute a tax impact statement to all affected taxing units and allow a remonstrance period. The redevelopment commission shall also advertise for a final public hearing. The redevelopment commission shall also advertise for a final public hearing.

Time Schedule for Implementation* Redevelopment commission passes confirmatory resolution which creates the EDA. Redevelopment commission passes confirmatory resolution which creates the EDA. A total of between 60 and 90 days after the EDA Plan is complete must be allowed to complete this entire process. A total of between 60 and 90 days after the EDA Plan is complete must be allowed to complete this entire process. *The redevelopment commission may require pre-payment to cover legal and financial consultant cost. The developer will be reimbursed if desired through any subsequent bond issue.