All approved projects must comply with the following general rules:
- The minimum development cost of a project is $250,000 and the minimum supportable TIF loan to the project is $25,000.
- Any TIF-assisted rehabilitation must be carried out according to the Secretary of the Interior Section 8 Standards for Rehabilitation. Plans must be complete and must receive approval of the Project Review Committee prior to authorization to release funds.
- Projects must include funding for any required public improvements.
- For any TIF bond, funds must be loaned to the City by the Project Developer and are then dispersed back to the project or used for public improvements, as required. Tax allocations are refunded to the bond holders to amortize the TIF loan. The City assumes no responsibility for the repayment of any TIF loan in addition to the tax allocations for the permitted term.
- The City assumes no responsibility for funding any TIF bond.
- Expenses of the City with regard to TIF bond financing including legal, bond counsel, administrative cost of bond initiation, and other bond insurance costs shall be net out of the TIF bond proceeds before any distribution to the developer.