(A) In accordance with the Act, the Council hereby authorizes the creation of the district, the boundaries of which are included in the TIF District Plan.
(B) The Council has considered whether the establishment of the district and the TIF District Plan will contribute to the economic growth and well being of the town and will be to the betterment of the health, welfare, and safety of the inhabitants of the town.
(C) The Council has received a written advisory opinion from the Town Planning Board, which opinion includes a determination that the TIF District Plan is consistent with the town’s Comprehensive Community Plan, adopted by the Town Council on March 2, 2015, and amended on November 16, 2015.
(D) The Council has considered all evidence presented to it, if any, with regard to any adverse economic effect on the town, and determines that such adverse economic effect, if any, is outweighed by the contribution expected to be made through the designation of the district and adoption of the TIF District Plan.
(E) The town hereby finds and determines, in accordance with the Act, that:
(1) All or a portion of the district is in need of economic development and infrastructure improvements, is suitable for industrial, commercial, residential, mixed- use or retail uses, downtown development, or transit oriented development; and
(2) The original assessed value of the taxable property within the district does not exceed 25% of the total value of taxable property within the town.
(F) In accordance with the Act, the Council hereby adopts the TIF District Plan attached to Ordinance 2018-19 as Exhibit A and incorporated herein by reference as if laid out here in full.
(G) The Council hereby authorizes that 100% of the future increased assessed property values within the district shall be retained as captured assessed value in accordance with the TIF District Plan, and up to 100% of the real property tax revenues generated from such captured assessed value may be used to fund the various costs and improvements set forth in the TIF District Plan.
(Ord. 2018-19, passed 11-5-2018)