HomeMy WebLinkAboutTIF Application Part 1City of Iowa City, Iowa
Economic & Community Development
Tax Increment Financing Assistance
Application Part 1
The City of Iowa City considers support for economic or community development
projects that will provide local public benefits. The City Council revised the Iowa City Tax Increment Financing (TIF) Policy in November 2017, a copy of which can be found online at
TIF Policies, updated 11.21.17
All projects must help achieve community goals as established by the City Council’s adopted Strategic Plan, the most recent of which can be found here:
Strategic Plan 2016-2017.
Part 1 of the application is designed to ensure that the proposed project is compatible with the City’s Strategic Plan, the project’s Urban Renewal Area Plan
and meets the basic requirements set forth in the City’s TIF Policy. Projects that cannot meet the requirements of this stage of the application will not advance to the Part 2 stage
and thus will not be considered for TIF funding. Please read the Application Tips in the righthand margins of the application form.
The information on this form will be used by the
City to consider your request for development support and may also be used to prepare a cost-benefit or other analysis of the project. Information provided on this form may be made
available for public viewing and will be part of compliance benchmarks, if approved for assistance. Prior to submission, applicant may wish to seek technical assistance from City Staff
to address questions and ensure Part 1 is complete.
Please provide data in the cells below. You may attach additional pages as necessary to fully explain and support the answers
to each question. Note anything additional you wish the City to take into consideration for your request and provide supporting documentation.
Project Name
Applicant Contact
Information
Name
Application Tips:
Enter contact information for the company representative completing this application. This person will be the primary contact for incentive
consideration.
Title
Organization
Address
City, State, Zip
Phone
Email
Development Team Information
Name of Company seeking incentive:
Applicat
ion Tips:
Company Address:
Address of New Facility or Expansion/Rehab Project:
Specify Urban Renewal Area
(see link to map here)
Development Team
List Team
Members below
(entity name and individual contact)
Owner
Developer
Architect
Contractor
Property Manager
Development Team Narrative:
Development Team Narrative – Include structure of ownership group (ex: LLC,
LP etc.) including listing of all members with 5% interest or more. Detail relevant experience of all project partners and development team members. Attach additional pages as needed.
Company
Plans Narrative:
Company’s Plans: e.g. ABC is an experienced developer and manager of industrial parks in the State of Iowa. The company plans to acquire greenfield land at the
intersection of XYZ and 123 (see attached purchase option) to create 10 pads: 8 for-sale for future development and 2 for immediate construction and long term ownership by ABC. Total
project costs will be $45M and include all roads and infrastructure for the entire industrial park, and two new 2-story, 40,000 sf office buildings on pads 1& 2. Tenants for 25,000
sqft have been identified (letters of intent attached) initially employing 25 with an average annual salary of $35,000 each. More jobs will be created as additional tenants are identified.
ABC expects to invest $10 million in land, infrastructure and buildings and anticipates being able to support long term debt of $20M on the assets retained by ABC. The 8 finished
lots are expected to sell for $750K each.
Project Information
Preliminary TIF request:
Application Tips:
TIF request may not exceed Equity contribution.
Equity contribution:
Narrati
ve:
For example: ABC is an experienced developer and manager of industrial parks in the State of Iowa. The company plans to acquire greenfield land at the intersection of XYZ and
123 (see attached purchase option) to create 10 pads: 8 for-sale for future development and 2 for immediate construction and long term ownership by ABC. Total project costs will
be $45M and include all roads and infrastructure for the entire industrial park, and two new 2-story, 40,000 sf office buildings on pads 1& 2. Tenants for 25,000 sqft have been identified
(letters of intent attached) initially employing 25 with an average annual salary of $35,000 each. More jobs will be created as additional tenants are identified. ABC expects to
invest $10 million in land, infrastructure and buildings and anticipates being able to support long term debt of $20M on the assets retained by ABC. The 8 finished lots are expected
to sell for $750K each.
Narrative:
For example: ABC is an experienced developer and manager of industrial parks in the State of Iowa. The company plans to acquire greenfield land at the intersection of
XYZ and 123 (see attached purchase option) to create 10 pads: 8 for-sale for future development and 2 for immediate construction and long term ownership by ABC. Total project costs
will be $45M and include all roads and infrastructure for the entire industrial park, and two new 2-story, 40,000 sf office buildings on pads 1& 2. Tenants for 25,000 sqft have been
identified (letters of intent attached) initially employing 25 with an average annual salary of $35,000 each. More jobs will be created as additional tenants are identified. ABC expects
to invest $10 million in land, infrastructure and buildings and anticipates being able to support long term debt of $20M on the assets retained by ABC. The 8 finished lots are expected
to sell for $750K each.
Environmental Information
TIF Policy: New office and mixed-use building projects receiving TIF in any urban renewal area shall be certified Silver or better under the LEED for New
Construction Rating System current at the time of design development. New Residential projects shall be certified Silver under the National Green Building Standard or the LEED Green
Building Rating System appropriate to the building type. Further, for LEED projects, at least 8 points shall be awarded for the LEED-NC Optimize Energy Performance credit to ensure
that TIF projects help meet the City’s carbon emission reduction goals.
This requirement does not apply to renovation projects.
Application Tips:
Check which standard will
the project meet:
( National Green Building Standard
( LEED Silver
( LEED Gold
( LEED Platinum
Please describe environmentally friendly features of the project:
Environmentally
Friendly Features: e.g. Low-energy, led lighting used throughout, pedestrian friendly elements including green space, bike paths, water saving native plantings used in landscapes,
etc.
Please describe anticipated positive environmental impacts resulting from the project:
Positive Environmental Impacts: e.g. Removal of hazardous materials, restoration
of wildlife habitat, densification of development on site to allow for/preserve open space/natural areas.
Please describe anticipated environmental impacts and planned remediation
efforts to meet the City’s Sensitive Areas Policies:
Negative Environmental Impacts: Describe impacts to areas covered under the City’s Sensitive Areas Policy. Provide a detailed
description of mitigation/remediation activities planned and/or approved. Contact staff for technical assistance if necessary.
Additional Community Benefits
Describe other local economic benefits resulting from project:
Application Tips:
Local Economic Benefits: Include additional benefits not directly
related to project capital investment and direct employment (e.g. Project attracting overnight visitors that will spend on lodging, entertainment, food and beverages, shopping, etc.)
Describe
other quality-of life-benefits resulting from project:
Quality of Life Benefits: Include tangible and intangible benefits; such as how company is/will be a good corporate citizen,
community involvement, local philanthropy efforts, and how project /company will contribute to local well being of citizens
Site Control and Capacity to complete
( Attach documentation
of ownership or ability to acquire.
( Attach LOI or term sheet demonstrating ability to finance.
Pre-application Submission:
When you have completed this form to your satisfaction,
please sign and send to:
City of Iowa City
Attn: Economic Development Coordinator
410 East Washington Street
Iowa City, IA 52240
Email: wendy-ford@iowa-city.org
I hereby certify
that the foregoing and attached information contained is true and correct, to the best of my knowledge:
Applicant/Representative:
(Please Print)
Signature: Date:
AFFIDAVIT
THE STATE OF ______________ )
THE COUNTY OF ____________)
I, _________________________________, being of lawful age, and having been first duly sworn upon my oath,
do hereby state:
1. I am a resident of ___________________, ______________.
2. As of the date set forth below, I have no financial interest and no entity in which I have any interest,
has any financial interest in any real property, located anywhere in the state of Iowa, that is delinquent on any special assessments, delinquent on any ad valorem taxes, or the subject
of any federal, state, or local tax lien.
3. As of the date set forth below, I am not currently delinquent or in default and no entity in which I have any interest is currently delinquent
or in default on any debts, responsibilities, or other obligations owed to the City of Iowa City, Iowa.
________________________________
Applicant signature
________________________________
Appli
cant print name
SUBSCRIBED AND SWORN before the undersigned on this _____ day of _________________, 201_.
________________________________
Notary Public
My Appointment
Expires:
Additional Information for applicant
It is important to understand the TIF Policy and how your project brings public benefit to the local community. For reference, see TIF Policies,
updated 11.21.17
( Sustainability
( Downtown Building Heights
( Historic Preservation
( Affordable Housing
( Social Justice
( Arts and cultural activities or facilities
( Public Improvements
that serve as a catalyst for the economic development of the urban renewal area
( If seeking incentives based on High Quality job creation: Jobs employee benefits including medical and
dental insurance coverage and jobs with above average wages per IEDA’s laborsheds; 120% median wage = $24.17; 100% median wage: $20.14
Please also review Council’s Strategic Plan goals
and understand how your project will help achieve them. The Strategic Plan can be found at: www.icgov.org\strategicplan.
( Promotes a strong and resilient local economy
( Encourages
a vibrant and walkable urban core
( Fosters healthy neighborhoods throughout the City
( Maintains a solid financial foundation
( Enhances community engagement and intergovernmental relations
(
Promotes environmental sustainability
( Advances social justice and racial equality
Please use the list of Urban Renewal Areas below to know which one your projected is located in and
how it related to the stated goals of the area. A map of all Urban Renewal Areas can be found at: TIF Area Map.
( Camp Cardinal Urban Renewal Plan
( City University Project 1 [downtown]
Urban Renewal Plan
( Heinz Road Urban Renewal Plan
( Highway 6 Commercial Urban Renewal Plan
( Industrial Park Road Urban Renewal Plan
( Lower Muscatine Urban Renewal Plan
( Moss Green
Urban Village Urban Renewal Plan
( Northgate Corporate Park Urban Renewal Plan
( Riverside Drive Urban Renewal Plan
( Scott 6 Urban Renewal Plan
( Sycamore and First Ave Urban Renewal
Plan
( Towncrest Urban Renewal Plan