Policy regarding Enhanced Expansion Projects (EEP) coming forward to the EACC Board for approval from Municipalities that are designated Economic Target Areas (ETA) but are not Providing Tax Increment Financing (TIF) or a Special Tax Assessment (STA) to the Applicant
Adopted on May 23, 2013 and made effective July 1, 2013
Project Proposals for Enhanced Expansion Projects (EEP) located Economic Target Areas (ETA) should be accompanied by a letter of support from the municipality to the company within which the Project is located. If a Tax Increment Financing (TIF) or Special Tax Assessment (STA) agreement is not proposed by the municipality for the project, the letter shall detail why the facts attendant to the Project Proposal do not justify such an agreement. If the municipality maintains that the private investments contained in the Project Proposal do not increase the value of the assessed facility property, thereby not creating an increment upon which an exemption can be based, the municipality should agree in such letter not to increase the assessment of real property taxes on the facility property for a period of not less than five (5) years following approval of the Project Proposal.