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Thousand Oaks California online Form 12203: What You Should Know
Subject: Tax Increment Financing (TIF) Program. Date: November 16, 2010. 1. On November 16, 2010, the City of Thousand Oaks approved a tax increment financing agreement (TIF) amendment to the City's General Rate Schedule (GRS), which included the provision for a TIF for the project referred to herein. 2. The application of the TIF amendment is contingent upon approval of the subsequent City approval of an economic development agreement by the City Council. However, if the economic development agreement is approved by the City Council, it may be contingent upon the City being granted a TIF amendment of its General Rate Schedule. In this case, the City may be permitted to use a portion of that GRS (or portions thereof) for a private capital investment project without obtaining Council approval. The City Council may, from time to time, authorize the City Manager to authorize the City to use portions of the GRS for private capital projects. 3. The TIF is not intended to produce local revenue. 4. The TIF is intended for projects to be located within the City. Ties may provide funding for capital projects, for a specific project, or for public improvements such as street improvements. Ties must be reviewed, certified, and approved by the Tax Collector at the time they are executed. Any TIF may be terminated, cancelled, changed in provisions or extended for a maximum of two years. 5. All GRS, including Ties, must be reviewed for non-compliance with state law. The City may not enter into any GRS without having approved that GRS by prior approval of the Tax Collector. A TIFF is not considered GRS until the application for its approval has been issued by the Governor. 6. A TIFF must contain the following elements: a. Property Description. b. Project Description. c. Project Cost. d. Project Date of Completion. e. Project Site Area. f. Project Area for Project. (The TIF will be executed for the use of the City to create economic development and job opportunities, which may include, but is not limited, to residential, retail, commercial, office, industrial, transportation, industrial-service, and cultural.) 7.
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