As of the date of this policy, the Authority may provide four (4) categories of assistance within 6 Urban Renewal Areas. These include: Tax Increment Financing, Infrastructure Cost Participation, Relocation Assistance, and Other Miscellaneous Tools and Strategies. Any assistance request will be reviewed against the criteria listed above and the goals of the applicable Urban Renewal Plan.
Assistance offered by the Authority is not intended to replace other financing from private or public sources. Rather, it is intended to bridge funding gaps which may be created by the difficult and sometimes costly nature of infill development. Following is a description of the incentives that the Authority may provide to encourage development and redevelopment within approved Urban Renewal Areas. The total value of the incentives will only be available at a level not to exceed the incremental dollars generated by the planned investment as determined by the Authority through review of the redevelopment project’s performance, except in extraordinary instances when the redevelopment project provides a significant benefit to the community. Proprietary financial information provided by the applicant and identified as proprietary will be kept confidential.
The Authority’s participation in an undertaking or activity allows for the realization of a project that would otherwise not be feasible. As a result, the Authority may require a share of the project’s economic success. Subject to each project’s specific circumstances, the Authority will negotiate an interest in a project’s investment return. Such interest may include a share of annual cash flow and / or a percentage of cash flow from a sale or refinance of the project in the future.
Qualitative Investment Filter
The investment filter below provides a framework for P3 staff and committee members to consider the fit and benefits of potential investments and to make recommendations to the P3 Board on proposed activities. It includes criteria that apply to all P3 activities as well as criteria tailored to each district.
Qualitative Investment Filter
All P3's Districts
Which P3 Objectives and Strategies does this investment advance?
What conditions of blight are removed or reduced with this investment?
What elements of the investment offer a compelling opportunity and/or catalyst for other development?
How well does the investment fit with the desired character of development in Parker?
If the investment meets the general criteria above in a sufficient manner, it should be evaluated specifically for its given URA district location below:
Parker Central District
Will the investment help bring activity and vibrancy to the heart of Parker?
Is the investment mixed use, or does it support establishment of a wider mix of uses amongst its surroundings?
Does the investment advance Parker Central’s arts and cultural district niche?
Does the investment help diversify the mix of uses within Cottonwood?
Does the investment enhance access or character within this important gateway?
Does the investment improve connectivity to surrounding neighborhoods?
Does the investment bring new jobs within targeted industries in this district?
Does the investment help streamline access to and from Parker Road?
Does the investment help elevate development quality in this district to match other areas of our community?
Learn more about the TIF process and how you can apply in the Comprehensive TIF Policy.