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ORDINANCE NO. 19,003
2 AN ORDINANCE TO ESTABLISH GUIDELINES FOR THE APPROVAL
3 OF REDEVELOPMENT PROJECTS THAT UTILIZE TAX INCREMENT
4 FINANCING; TO DECLARE AN EMERGENCY; AND FOR OTHER
5 PURPOSES.
6
7 WHEREAS, at the General Election held in November, 2000, by a vote of 427,407
8 for and 355,943 against, the citizens of the State of Arkansas approved Amendment 78
9 to the Arkansas Constitution, and
10 WHEREAS, Amendment 78, in part, provides local governments with flexibility
11 in the ability to assist redevelopment projects by a mechanism commonly referred to as
12 tax increment financing, and
13 WHEREAS, Act 1197 of 2001 was passed by the General Assembly and signed
14 into law by the Governor as the means for local governments to implement the
15 redevelopment provisions of Amendment 78, and
16 WHEREAS, a responsible local government believes that certain guidelines for
17 the approval of a redevelopment or tax increment financing (TIF) district should be in
18 place to assure that the projects selected will provide the maximum benefit to the City
19 without any adverse impact on various taxing jurisdictions within the City including,
20 but not limited to, local school districts, and
21 WHEREAS, after considerable public discussion and consideration the City has
22 developed guidelines to be followed for redevelopment projects within the City and
23 wishes to have these guidelines codified as a part of the City's administrative and
24 financial ordinances,
25 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
26 OF THE CITY OF LITTLE ROCK, ARKANSAS:
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ORDINANCE
Guidelines for Redevelopment and TIF Districts
i Section 1. The City of Little Rock, pursuant to Amendment 78 and state
2 statute, will encourage redevelopment or tax increment financing (TIF) districts,
3 pursuant to the following guidelines:
4 1. Redevelopment or TIF districts shall be established for projects, or in areas,
5 that demonstrate a clear ability to create jobs, expand the tax base and stimulate
6 other development and investment for the City.
7 2. Tax increment financing shall be utilized to leverage and attract other
8 financing, in tandem with federal, state, local and private investment.
9 3. The Board of Directors will support only proposed districts for which
10 development, or redevelopment, likely would not have occurred except for the
11 benefits emanating from tax increment financing and associated incentives.
12 4. To obtain Board of Directors approval the planning process for
13 redevelopment or TIF districts should be as inclusive as possible. Input should
14 be gathered from area property owners - i.e., office, commercial and residential -
15 - other interested parties and the general public.
16 5. Prior to the submission of a redevelopment or TIF district proposal to the
17 City the applicant shall meet with a representative of each affected taxing
18 jurisdiction. Redevelopment or TIF districts shall be accomplished in
19 collaboration with the affected public school districts - Little Rock, Pulaski
20 County, or both.
21 6. A Redevelopment District Advisory Board shall be formed, by ordinance,
1
22 which includes representation from the district, any affected public school
23 district, and appropriate representation from other taxing jurisdictions, and the
24 community.
25 7. Prior to the collection of any incremental tax revenues the applicant, or a
26 representative of the redevelopment or TIF district, shall prepare a "Project Plan'
27 as defined in Section 2 of Act 1197 of 2001, as may be amended, and as required
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ORDINANCE
Guidelines for Redevelopment and TIF Districts