How the council starts a tax increment district

(a) The council shall, by resolution requiring not more than one reading for its adoption: (1) Determine the boundaries of a proposed district. (2) Direct the director of finance to investigate and report to the council within sixty calendar days: (A) The total assessed value of: (i) All taxable real property in the County, and (ii) The assessment base of the proposed district; (B) The total assessed values of all taxable real property in the proposed district compared to the total assessed values of all taxable real property in the County over the two years immediately preceding the current year; (3) Direct the director of public works to investigate and report to the council within sixty calendar days: (A) Preliminary data concerning the current status of improvements within the proposed district, including: (i) Any revisions recommended to the proposed boundaries of the district; (ii) The present extent of public and private infrastructure located within the boundaries of the proposed district; (iii) The infrastructure needs within the proposed district, listed in order of their priority. (B) The general character and extent of any improvements to be proposed, and their estimated cost; (C) Whether any new land will be necessary to be acquired, and the estimated cost thereof and the proportion of the cost, if any, which should be borne by the County; (D) Upon consultation with the planning director, determine: (i) The present zoning within the proposed district; (ii) The extent to which the present land use within the proposed district conforms to the County general plan; (iii) The extent to which the present land use within the proposed district relates to any community development plan for the area; (iv) The likelihood of the needs identified in subsection (a)(3)(A)(iii) of this section being addressed by the County or private means without the use of tax increment financing; (v) Any additional information which may assist the council in determining if the proposed district is a targeted area. (E) If the proposed district includes the construction or improvement of a water system or any part thereof, the director of public works shall consult with the department of water supply in determining the estimate of the cost to be included in the preliminary report to the council. (b) After the above reports have been furnished and filed with the council, they shall not be acted upon until one week has elapsed from the date of the filing of the last report. If any one or more of the reports required in subsection (a) above are not filed with the council within the required sixty days, the council may proceed with the district without such reports. (c) Thereafter the council may, by resolution requiring one reading for its adoption: (1) Find that the area proposed to be included in a tax increment district meets all of the requirements of section 33-7. (2) Direct the finance director to prepare and submit to the council within sixty calendar days a tax increment financing plan which shall contain estimates of: (A) Project costs; (B) Amount of tax increment bonds to be issued; (C) Sources of revenue to finance or otherwise pay project costs; (D) The most recent assessed value of taxable real property in the district; (E) The duration of the district’s existence; (F) The recommended adjustment rate for the district; (G) Statement regarding the financial and budgetary impacts on the County resulting from the proposed tax increment financing plan. (1994, ord 94-76, sec 3.)33-9 TAX INCREMENT DISTRICTS § 33-10