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Deveto,pment <br />New tool in NC —since 2006; <br />1) <br />Provides certainty to both developer <br />it) Restrlctions —only <br />Agreements <br />resemble negotiatec contracts, <br />and government <br />for large sitas <br />but must be approved by local <br />2) <br />Shares risk(responsibility <br />2) <br />Complicated <br />governing boa d; impose <br />3) <br />Coordinates funding and installation <br />process <br />obiigations for property developer <br />of infrastructure <br />3) <br />Contracts legally <br />and local government- -most <br />4) <br />Especially suited for large and complex <br />bindirg (pro <br />common: cost- sharing on <br />developments <br />and ocn) <br />provision of intrastrtsMre <br />5) <br />Encourages creative and large scale <br />master planning <br />Special <br />New tool in N -since 2008; <br />1 r <br />No government obligation to repay fonds <br />1) <br />Requires irritative <br />Assessment <br />initiated by petition flf majority cf <br />- burden fully on p- operty € wrers <br />and willingness of <br />Districts (SAD) <br />owners vAthin proposed dstrict; <br />2) <br />Fiscally neutral to coverrment <br />property owners <br />debt senice paid by owners of <br />3) <br />Can create additional tax revenues <br />2) <br />Somewhat limited in <br />benefited property; assessments <br />4) <br />Unlike Municipal Service Districts <br />types of <br />pail in annual instalments; <br />(NI313s) and BIDS, can be used outside <br />infras7mcturel <br />potential uses- waterlsewer, flood <br />of downtewn�, angreenfeld sites <br />services funded <br />control, public transport, schooK <br />streets,sidewalks: <br />(e.g'. Lange at the Lake in <br />Niordsvil19) , <br />Revenue 'Sharing <br />RgreemEnt by group of governing <br />1) <br />Could be used to coordinate among <br />'1) <br />Requires ;large <br />bodies (city. county, ED <br />jurisclictons within OC or between CC <br />degree of regional <br />corporation) to jointly finance <br />and neighboring countiesIED groups <br />cooperation <br />economic devs1opment projects <br />2) <br />'Addregsas barnatstcr an:ry for major <br />2) <br />Henefitsico is to <br />and share revenues: <br />capital- intensve projects <br />each ocality may be <br />(e.g. Ker -tsar Hub) <br />3) <br />Esplo[ts competitive advantages of each <br />unequal <br />locality as well as regional resources <br />4) <br />Promotes ,regional cooperatior and <br />competitiveness and industrial linkages <br />