What is the process for establishing a tax increment financing area?
a. Identify the boundaries of the proposed area. b. Determine if the conditions in the area qualify the area to be designated a “slum,” “blighted” or “economic development” area, as defined in Chapter 403. c. Prepare an urban renewal plan outlining objectives to be accomplished within the area. d. Set a date for a public hearing by the city council or board of supervisors. e. Obtain approval of the plan by the local planning and zoning commission. f. Send a copy of the plan and the notice of hearing to each of the other affected taxing entities (counties, local schools and area colleges) and schedule a date and time for a “consultation session” with those other affected taxing entities. g. Hold a public hearing. h. Adopt a resolution approving the urban renewal plan. i. Adopt an ordinance designating the tax increment area.
