Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
Understanding this form
The Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is a legal document that outlines a strategy for financing a redevelopment project through tax increment financing (TIF). This plan allows a city to issue bonds to fund improvements, with the expectation that increased property values will ultimately generate higher tax revenues. Unlike general redevelopment plans, this agreement specifically defines the roles and responsibilities of the city, the county, and the developer in executing the project and managing the associated finances.
Form components explained
- Preamble outlining roles and responsibilities of the involved parties.
- Specifications of the redevelopment project, including site descriptions and planned improvements.
- Provisions for the issuance and management of tax increment bonds.
- Details regarding the collection and use of increased tax revenues generated by the redevelopment.
- Conditions for the duration and cessation of the agreement.
When to use this document
This form is used when a city or county seeks to implement a redevelopment project intended to boost economic activity and improve public infrastructure. It is suitable for projects that require financing through tax increments from increased property values or business activity. If you plan to redevelop a site and need to establish formal agreements on funding and responsibilities, this document is essential.
Who should use this form
- City and county officials involved in economic development.
- Developers planning commercial or retail projects that require public funds for infrastructure improvements.
- Legal professionals drafting urban redevelopment agreements.
- Investors seeking clarity on financing models for development projects.
How to prepare this document
- Identify the parties involved: the city, the county, and the developer.
- Provide a detailed legal description of the redevelopment site.
- Specify the redevelopment project components, including any infrastructure improvements.
- Enter the financial details regarding bond issuance and expected tax increments.
- Include signatures from all parties to finalize the agreement.
Does this form need to be notarized?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to include a complete and accurate legal description of the project site.
- Neglecting to specify the roles and responsibilities of each party clearly.
- Overlooking the need for signatures from all involved parties.
Benefits of completing this form online
- Convenience: Easily fill out and download the form from anywhere.
- Editability: Customize the template according to your specific project needs.
- Reliability: Access professionally drafted legal language designed to meet legal standards.
Legal use & context
- This form serves as a legally binding agreement between the city, county, and developer.
- It outlines the financial obligations tied to the redevelopment project and the utilization of tax increment financing.
- Proper completion and execution of this agreement are crucial for the legal enforcement of the TIF provisions.
What to keep in mind
- The form establishes a comprehensive redevelopment and financing plan that requires cooperation between multiple parties.
- It is essential for facilitating tax increment financing for urban development projects.
- Understanding the responsibilities detailed in this form is crucial for all parties involved in the redevelopment process.
