Eligible reimbursements utilizing TIF increment is slated to be spent on building structures, property infrastructure associated with new investment, and site preparation.
Property Infrastructure Associated with New Investment
Storm Water Systems, Collection and Detention, Pumps, Sanitary Sewers and Lines
Water, Electricity, Gas/Sewer Lines
The concentrated application of economic development incentives in specific geographic areas of Minden allows the community to direct scare resources in a highly focused and impactful manner.
Sales Tax TIF financed projects shall have a reimbursement ceiling amount for each project; a TIF reimbursement rate until the ceiling amount has been reached and a financing participation rate with the City of Minden.
If Room Occupancy Taxes are used as a source for TIF projects the City will be reimbursed for its costs incurred to help install infrastructure and site preparation elements for project development.
The life span of a TIF District can be on-going without a specific sunset date; nevertheless, Minden’s TIF Districts shall continue until at least 60% of the properties identified within the district have gone through at least one development or redevelopment cycle or until the City Council has deemed that the development or redevelopment of the properties within the TIF District have been reached. Furthermore, all infrastructure and site preparation costs paid for by the City will have to be satisfied prior to the sunset of any TIF District.
No project shall be financed utilizing TIF proceeds without the assured creation of a specified number of jobs associated with each project. All jobs created by the project shall be held by residents of the City of Minden unless the investor can demonstrate that the job requirements associated with each position cannot be filled locally due to lack of qualifications. The number of jobs to be created and when they are to exist shall be negotiated as part of the TIF financing package. At least one full-time equivalent net new job for every $25,000 of TIF financing provided per development project.
TIF District #1 is comprised mainly of downtown properties. The District’s development focus is the following;
TIF District # 2 is an area that is motor vehicle friendly. Product distribution primarily via commercial trucking exist within the area. The District’s development focus is primarily:
TIF District #3 is an area that is primarily characterized as the community’s Interstate Road Frontage Property. This District is prime real estate positioned to attract new spending dollars to the community from commercial and noncommercial motor vehicle travelers. It shall be developed with the following focus:
TIF District #4 is the major Southeastern by-pass that separates the downtown commercial corridor to the northwest from the primarily residential area to the Southwestern part of the community. Once a site primarily known for mechanical/vehicle repair and warehousing, this district is now being targeted for new industries such as: