Resolutions-2007-19

C. DESIGNATION CRITERIA In accordance with Section 404.1 of the Act, the City Council has designated the Revitalization Area as an area which is appropriate as an economic development area as defined in Section 403.17 of the Code of Iowa. D. OBJECTIVES The plan is prepared in conformance with Section 404.2 of the Code of Iowa for the purpose of providing incentives and outlining procedures to enhance the potential for commercial development in the Revitalization Area. Planning goals include revitalizing the area through the promotion of new construction on vacant land. E. PROPOSED LAND USE The property within the Revitalization Area is proposed for new commercial development in those areas that comply with existing zoning classifications. F. PROPOSALS FOR EXPANDING CITY SERVICES The City proposes that, as it becomes financially feasible, the provision of municipal services to the Area will be expanded and improved to meet the demands of new commercial development. G. ELIGIBLE IMPROVEMENTS Eligible property improvements, as used in this plan, are defined as new commercial construction. Actual value added by improvements, as used in this plan, means the actual value added as of the first year for which the exemption was received. In order to be eligible for tax abatement, the increase in actual value of the property must be at least 5%. All improvements, in order to be considered eligible, must be completed in conformance with all applicable regulations of the City of Tiffin, and must be completed during the time the Revitalization Area is designated by ordinance. H. TIME FRAME The area shall be eligible for tax abatement under the revitalization plan after the date of the adoption of the ordinance designating the Revitalization Area, until, in the opinion of the City Council, the desired level of revitalization has been attained or economic conditions are such that the continuation of the exemption granted would cease to be of benefit to the City, in which case the City Council may repeal the ordinance, pursuant to Section 404.7 of the Code of Iowa. In the event the ordinance is repealed, all existing exemptions shall continue until their expiration. I. EXEMPTIONS All qualified real estate assessed as commercial property is eligible to receive an exemption from taxation on the actual value added by the improvements for a period of three years. The amount of the exemption is equal to 100% of the actual value added by the improvements.