Santa’s Warehouse A Tax Increment Financing Example December 28, 2016

Every project starts with an idea Santa needs a distribution warehouse in the Central U.S. Santa’s Warehouse

TIF Application Submit application to Regional Planning/CRA Public document Details the general project, costs and funding sources Santa’s submits his application Jan. 11, 2017

Redevelopment Plan Includes all Statutory Requirements Cost Benefit Analysis Kick starts a series of public meetings

Meeting Timeline

Meeting Timeline

Meeting Timeline

Meeting Timeline

Meeting Timeline

After all the public meetings:

Issuance of TIF Funds Limited use Purchase TIF bonds No real money changes hands May be taxable income

TIF Bond

Notice of Intent to Divide

Funding the TIF Bond

Send Proof of Funding to CRA

Release of Bond to Developer

Assignment of Bond

Tax payouts - Year 1

Throughout the process

County Treasurer Splits Taxes

Tax payouts – Year 2

When bond is paid or expires

Tax payouts – Project Completion

Full taxes go to taxing entities

During the TIF process Elected officials are invited to multiple meetings General public may comment at meetings. Meeting schedule takes two to six months No tax revenue is lessened Public is ensured new infrastructure & improvements Public is ensured increased future tax base