This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Arizona Redevelopment and Tax Increment Financing Plan (TIF) is a comprehensive strategy used by local governments in Arizona to encourage economic growth and revitalize specified areas within communities. It aims to attract new investments, create job opportunities, enhance infrastructure, and improve the overall quality of life for residents. The primary objective of the Arizona Redevelopment and Tax Increment Financing Plan is to stimulate economic development and uplift blighted or economically distressed areas. It does so by setting aside a specific geographic area, known as a tax increment financing district, where tax revenues generated from the increased property values within the district are reinvested into public infrastructure and other redevelopment projects. The Interlocal Agreement to Implement the Arizona Redevelopment and Tax Increment Financing Plan is a legal agreement between a municipality or county and other relevant government entities, such as school districts or water authorities, outlining the roles, responsibilities, and funding mechanisms for executing the plan. The agreement ensures coordination and collaboration between different entities involved in the redevelopment process. There are various types of Arizona Redevelopment and Tax Increment Financing Plans, each tailored for different purposes: 1. Urban Renewal TIF Plan: This type of plan focuses on rejuvenating blighted urban areas, typically characterized by deteriorating infrastructure, vacant buildings, and low economic activity. The plan aims to attract private investment, improve infrastructure, and stimulate job creation within the designated district. 2. Brownfield TIF Plan: Brownfield sites refer to abandoned or underutilized properties that have environmental contamination, making redevelopment difficult. The Brownfield TIF Plan offers financial incentives and tax breaks to encourage private developers to remediate and redevelop these contaminated sites, transforming them into productive and safe spaces. 3. Transit-Oriented Development (TOD) TIF Plan: TOD TIF Plans are designed to promote sustainable development around transit hubs, such as light rail stations or bus terminals. The plan aims to create vibrant, mixed-use communities with a focus on pedestrian-friendly environments, affordable housing options, and reduced reliance on private vehicles. 4. Infrastructure Financing Plan: This type of plan focuses on leveraging tax increment financing to fund infrastructure projects, such as roads, utilities, and public facilities. It aims to attract private investment and address critical infrastructure needs in underserved areas. The Arizona Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan play a vital role in the economic development and revitalization of communities throughout Arizona. By harnessing the potential of tax increment financing, these plans offer a comprehensive approach to stimulate growth, improve infrastructure, and enhance the overall well-being of residents in designated redevelopment areas.
