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Santa’s Warehouse A Tax Increment Financing Example
December 28, 2016
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Every project starts with an idea
Santa needs a distribution warehouse in the Central U.S. Santa’s Warehouse
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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
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Redevelopment Plan Includes all Statutory Requirements
Cost Benefit Analysis Kick starts a series of public meetings
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Meeting Timeline
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Meeting Timeline
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Meeting Timeline
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Meeting Timeline
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Meeting Timeline
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After all the public meetings:
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Issuance of TIF Funds Limited use Purchase TIF bonds
No real money changes hands May be taxable income
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TIF Bond
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Notice of Intent to Divide
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Funding the TIF Bond
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Send Proof of Funding to CRA
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Release of Bond to Developer
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Assignment of Bond
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Tax payouts - Year 1
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Throughout the process
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County Treasurer Splits Taxes
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Tax payouts – Year 2
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When bond is paid or expires
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Tax payouts – Project Completion
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Full taxes go to taxing entities
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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
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