In the interest of both a desire to effectively create and communicate economic development policy and to advance and protect the public interest, a list of general policy statements and procedures has been prepared.
- Upon receiving an application for financial assistance, the City of Grimes will determine if any public infrastructure is necessary in order to complete the project. If it is determined that public infrastructure is necessary, the costs associated with constructing said improvements will be paid for first with any increment generated off of the project.
- Any increment remaining after the public improvement costs have been covered may be eligible for rebate.
- In concept, projects which meet the identified threshold of $1,000,000 of assessed value per acre generated shall be prioritized. Anticipated values will be vetted with the County Assessor.
- Projects are encouraged to incorporate elements that are above and beyond the requirements within the underling zoning district or overlay district.
- All rebates or incentives shall be subject to approval of a development agreement. Generally speaking, all development agreements shall include the following conditions:
- Agreements shall start upon the date that increment is generated upon the property.
- Agreements shall include a defined maximum incentive
- Agreements shall be subject to an annual appropriations clause
- Agreements shall cause the beneficiary to certify annual tax payments by defined date
- Agreements shall include a contribution from the applicant consistent with the costs associated with developing the agreements and proceedings
- In the event that the City has previously provided a financial incentive or rebate to improve a property, the City may reduce the amount of any future financial assistance for subsequent improvements to the property or decline to provide any TIF assistance.
- Applicants should submit the required documentation as early in the development review process as possible. An application received after the scheduling of a project on the Planning and Zoning Commission agenda will not be considered.
- The City Council is in no way obligated to offer any stated or described incentive to any company, even if they meet or exceed any stated or identified requirements. In similar form, the City Council shall have the right to deviate from these provisions if found to be necessary.
- The TIF rate used for the purpose of calculating the rebate excludes certain property tax revenues, and is subject to change annually.