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.
The Guam Redevelopment and Tax Increment Financing Plan (TIF) is a strategic initiative aimed at spurring economic growth and revitalizing specific areas on the island of Guam. The plan encompasses a comprehensive approach to urban development, emphasizing the use of tax increment financing as a financial tool to fund necessary infrastructure, redevelopment projects, and public improvement initiatives. Tax Increment Financing (TIF) is an economic development mechanism that allows a government entity to allocate future tax revenue increases generated within a designated redevelopment area toward various projects and investments. Through the TIF plan, Guam seeks to address blight, improve infrastructure, attract private investment, and create job opportunities in targeted geographic regions. The Interlocal Agreement to Implement the Guam Redevelopment and Tax Increment Financing Plan serves as a legal framework that governs the collaboration between different entities involved in the plan's implementation. It outlines the responsibilities, obligations, and procedures for all participating parties, which often include government bodies, developers, and community stakeholders. Under the Guam Redevelopment and Tax Increment Financing Plan, there can be various types of TIF plans and corresponding interlocal agreements depending on the specific redevelopment objectives. Some key types include: 1. Infrastructure Development TIF: This type of TIF plan focuses on financing and developing essential public infrastructure projects, such as roads, bridges, sewage systems, and utilities. The aim is to enhance the overall infrastructure capacity and accessibility, making the designated area more attractive for private investment. 2. Brownfield Redevelopment TIF: Targeting blighted or environmentally contaminated sites, this TIF plan aims to remediate and revitalize these areas for sustainable and productive reuse. Funds generated through the incremental tax revenue can be utilized for environmental cleanup, site preparation, and infrastructure development within the designated brownfield area. 3. Downtown Revitalization TIF: Designed to breathe new life into traditional commercial centers, this TIF plan focuses on urban renewal, improving the aesthetic appeal, and promoting a vibrant business environment. The incrementally generated tax revenue can be used for façadeimprovement, streetsss capee enhancements, public amenities, and marketing efforts to attract businesses and shoppers alike. 4. Housing Development TIF: This type of TIF plan targets residential redevelopment, particularly in areas with a shortage of affordable housing options. The generated tax increments can be utilized to finance affordable housing projects, provide housing grants or subsidies, and promote homeownership programs in the designated area. In summary, the Guam Redevelopment and Tax Increment Financing Plan, along with its corresponding Interlocal Agreement, presents a robust framework for strategic urban development and revitalization. With various types of TIF plans, it allows Guam to address specific challenges and leverage future tax revenue increases to target key redevelopment objectives, ultimately driving economic growth and improving the overall quality of life for its residents.
