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<br />I TIF Questions e e <br />I July 22, 1998 <br />Page 2 of3 <br />.1 Assignments <br /> Paul Martin 16) . If true, what happens if the City does not have an area to' support low-income housing? <br />I Does the 1/3 taxes go back to retire the debt? <br />Jejf Litchfield, 17) What fiscal impact do TIF's have on a City's financial statements, such as bonds, <br />.1 David Fetzer, credit standing, and legal requirements? <br />Paul Martin <br /> 18) Will the project be done in phases or all at once? <br />I. a) Clarify statements within the proposal- outline for La Porte Development: <br /> U Additionally, the utilization of land, additionallan~ dedicated to the City must <br />I be purchased or condemned and purchased from the Weems' Family." <br /> b) Ifland is dedicated to the City, why do you want a reimbursement? <br /> c) What property are you requesting the City needs to purchase? <br />I d) Identify the use and location of the property. <br /> e) Indicate the amount of property acreage you want the City to purchase and why. <br /> t) What dollar value are you placing on the property you want to sell to the City? <br />I g) "Also, other recreational amenities, yet to be negotiated . . .." <br /> Explain what amenities you are suggesting and the relationship they may have <br /> with a City need. <br />I Why does the City have to pay and at what rate? <br /> 19) Which of the following methods of funding under Chapter 311 of the Tax Code do you <br />- propose to use? <br />I <br /> a) Pre-fund the projects through the use of bonds. <br />I b) Funded directly as the projects are completed out of the revenue stream of <br /> tax receipts. <br /> c) Refund the project expenses through the sale of bonds (this is usually done <br />. after sufficient incremental tax revenue is generated annually to service the <br />, bonds). <br /> d) Refund the project expenses though the use ofa tax: revenue note(s), which pays, <br />- back the developer, lender, municipality or school district out of the revenue <br /> stream of tax receipts. <br /> Paul Martin 20) Can a TIF Zone be undone once it is created? If yes, how? <br /> 21) The additional (9) holes of golf - who will build and pay for them? <br /> Paul Martin, 22) All the examples and articles within the proposal show success stories when using <br /> David Fetzer, TIF's for redevelopment of blighted areas or areas of major economic distress. Are <br /> Staff you aware ofTIF Zones that have been used for new development? If yes, where? <br />