Agenda - 03-26-2015 - Agenda - Laserfiche WebLink

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12 o The Town Council created the Ephesus /Fordham Form District. The use of form based zoning provides highly prescriptive requirements that will help to ensure development compatible with community standards and also streamlines the approval process. Financing o In order to Finance this project the Town is using a combination of two - thirds bonds and an installment financing secured by the Town Hall building. By combining Ephesus Fordham public improvements with the Town Hall project, the Town can efficiently use a tax increment financing approach, without going through the additional cost and time involved with a statutory (Amendment One) TIF. Although this approach is faster, less expensive and more flexible, it does by -pass official County approval that would be needed for a statutory TIF. Project Benefits Recognizing that the benefits of the project will accrue both to the Town and the County and that the Town and the County share many of the same interests with regard to the successful completion of this project, we are seeking County support to solidify the public financial underpinnings of the renewal process. Using a TIF approach to financing, with the Town issuing the debt and taking the risk of any tax increment shortfall, we feel there is opportunity for the County to support the project financially using only a portion of tax revenues that, if not for the Town's public investment, would not otherwise exist. Suggested Approach to County Investment in Project While the Town is committed to paying for the public improvements, regardless of the outcome of the project, we believe that the County and Town have shared interests, described above, that would best be served with a long -term partnership that recognizes both the rewards and costs associated with an economic development project of this scale. We understand the multiple demands on new tax dollars and the need to prioritize those demands on an annual basis through the budget process. Therefore we are suggesting that the County consider an approach to investment in the Ephesus Fordham project based on project performance using criteria both the Town and the County agree on. The Town would provide an annual Ephesus Fordham project performance report during the County's budget deliberations that would include the following: • Additions to the tax base • Status of public improvements • Status of private improvements, including progress toward meeting affordable housing, energy efficiency and transportation goals • Economic impact analysis The first Ephesus Fordham performance report would be submitted during the first budget cycle in which an actual tax increment from the project was expected in the next fiscal year. In other words, we will not ask for funding until the tax benefits become measurable.