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<br /> <br />Council Agenda Item Cover <br /> <br />___________________________________________________________ <br /> <br /> <br /> <br /> <br />MEETING DATE: <br /> October 1, 2007 <br />AGENDA SECTION: <br /> City Manager’s Report <br /> <br />1. Economic Development Subsidy Policy: <br /> <br /> As a follow up to the September 24, 2007 Council Study Session, in the first <br />bulleted statement of the ED Subsidy policy, I recommend the removal of the <br />reference to time and geographic restrictions as identfied in the policy below. <br /> <br /> <br />UNIVERSITY CITY DEVELOPMENT SUBSIDY POLICY <br /> <br />In order to facilitate new development or rehab projects in areas designated in <br />University City’s Comprehensive Plan the City Council will consider on a case by <br />case basis certain levels of economic and legal assistance. Inquiries should be <br />directed to the Director of Planning and Development and the City Manager. <br />The following policies were adopted by City Council on October 1, 2007. <br /> <br /> Tax Increment Financing will normally only be considered to assist <br />? <br />new development or rehab projects with extraordinary costs on <br /> located <br />blighted commercial, residential or industrial property. <br />east of Pennsylvania north of Delmar and not exceed five <br />years. The exception is as substitute for property tax <br />abatement explained below (Bold portion is to be deleted). <br /> <br /> <br /> Projects in Comprehensive Plan target development areas where <br />? <br />TIF is not available may apply for assistance with financing public <br />improvement such as streets, sidewalks, lighting and landscaping. <br />Assistance commensurate with first year project tax revenue <br />increases will be considered. <br /> <br /> Property Tax partial abatement will be considered for projects <br />? <br />anywhere in the City on a case by case basis. Property tax <br />abatement is typically in the four to eight year range and only for <br />property that is truly blighted, deteriorated and marked for <br />redevelopment in the City’s Comprehensive Plan. An equivalent <br />October 1, 2007 <br /> <br />