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.
Wyoming Redevelopment and Tax Increment Financing (TIF) Plan is a strategic tool used by municipalities in Wyoming to stimulate economic growth and revitalize blighted areas within their jurisdiction. This plan enables local governments to allocate a portion of property tax revenue generated from designated redevelopment areas towards funding infrastructure improvements, public amenities, and private development projects. The TIF mechanism implemented through this plan is known as Tax Increment Financing. Under this financing model, the base year property tax revenue collected from properties in the redevelopment area is set as a benchmark. As the area develops and property values increase, the incremental tax revenue generated from the appreciation is redirected to a special fund dedicated exclusively to financing the redevelopment efforts. The Wyoming Redevelopment and TIF Plan typically consists of several key components: 1. Redevelopment Area Identification: The plan begins with the identification of blighted areas within a municipality that require revitalization. These areas are selected based on factors such as physical decay, obsolescence, inadequate infrastructure, or economic decline. 2. Project Prioritization: The plan establishes a framework for prioritizing redevelopment projects within the designated areas. This may involve assessing project feasibility, potential economic impact, and alignment with the municipality's development goals. 3. Infrastructure Improvement: The TIF funds are primarily utilized to finance infrastructure improvements within the redevelopment areas. This includes upgrading roads, utilities, transportation systems, parks, and other public facilities that are crucial for attracting private investment. 4. Public-Private Partnerships: The plan encourages collaboration between the municipality and private developers to accelerate the redevelopment process. Public-private partnerships are fostered through incentives, such as tax credits, grants, or reduced regulatory requirements, to attract private investment in the targeted areas. 5. Community Engagement: The plan incorporates community input to ensure that the redevelopment efforts address the diverse needs and aspirations of the local residents. Public meetings, workshops, and surveys are commonly employed to solicit feedback and gain community support for the plan. In addition to the generic Wyoming Redevelopment and TIF Plan, there may be specific variations or focus areas based on the unique requirements of each municipality. Some examples of specializations or alternative plans could include: 1. Downtown Revitalization TIF Plan: A specific plan dedicated to reinvigorating the downtown area of a municipality, aiming to preserve historic buildings, improve walk ability, attract businesses, and enhance the overall quality of life for residents. 2. Industrial Area Redevelopment TIF Plan: Targeting underutilized or vacant industrial zones, this plan focuses on transforming such areas into productive hubs for manufacturing, logistics, or emerging industries by providing necessary infrastructure, tax incentives, and business support. 3. Sustainable Development TIF Plan: This plan emphasizes environmentally conscious development by incorporating sustainable infrastructure, energy-efficient buildings, renewable energy generation, and green spaces. The Wyoming Redevelopment and TIF Plan, in any form or specialization, requires the establishment of an Interlocal Agreement between the municipality and other local governmental entities involved in the plan's implementation. This agreement outlines the roles and responsibilities of each entity, funding mechanisms, revenue sharing provisions, and dispute resolution processes. It ensures collaborative decision-making and shared accountability among the participating parties throughout the redevelopment process.
