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.
North Dakota Redevelopment and Tax Increment Financing (TIF) Plan is a comprehensive strategy aimed at revitalizing communities and promoting economic growth through targeted development projects. This plan is implemented through an Interlocal Agreement, which outlines the collaboration between various governmental entities involved in the redevelopment process. The North Dakota Redevelopment and TIF Plan is designed to stimulate investment in designated areas by capturing a portion of the property tax revenue generated from the redevelopment projects. This captured revenue, known as the "tax increment," is then reinvested back into the designated area to fund additional infrastructure improvements and redevelopment initiatives. The plan aims to create a self-sustaining financing mechanism for redevelopment efforts, leveraging private investments to drive community rejuvenation. There are different types of North Dakota Redevelopment and TIF Plans, tailored to address the diverse needs of communities across the state. These include: 1. Downtown Redevelopment TIF Plan: This type of plan focuses on revitalizing downtown areas, promoting small businesses, and enhancing the overall vibrancy of the community's core. It often involves the renovation of historic buildings, streetscaping, and improving walk ability. 2. Industrial Park Redevelopment TIF Plan: Designed to attract businesses and industrial development, this plan aims to create new job opportunities and stimulate economic growth in designated industrial zones. It typically involves infrastructure enhancements such as road improvements, utility installations, and land preparation. 3. Housing and Neighborhood Revitalization TIF Plan: This plan is dedicated to improving housing options and addressing blight or neglected neighborhoods. It focuses on creating affordable housing, offering incentives for developers to invest in housing projects, and creating livable communities. 4. Mixed-Use Development TIF Plan: This plan encourages the construction of mixed-use developments that combine residential, commercial, and recreational spaces. It aims to create vibrant communities where people can live, work, and play in proximity. The Interlocal Agreement to Implement Plan serves as a legal framework for collaboration between various stakeholders involved in the redevelopment process. It outlines the roles and responsibilities of each participating entity, including local governments, redevelopment authorities, and community organizations. The agreement also specifies how tax increment revenues will be collected, managed, and reinvested back into the designated area. By utilizing the North Dakota Redevelopment and TIF Plan and implementing the corresponding Interlocal Agreement, communities can strategically attract investments, revitalize blighted areas, create jobs, and enhance the overall quality of life for their residents.
