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Scottsdale Arizona online Form 4419: What You Should Know
The tax increment financing (TIF) process permits communities to apply to the Secretary of Community Affairs, or their equivalent, for the payment of property taxes, within a designated TIF district. These communities may also apply to the Department for the establishment and the funding of a TIF development district (TIED) within the TIF district. The City of Scottsdale applied for the proposed 8.2 million TIF District for a small commercial portion of Scottsdale City Hall, at the corner of Showman Lane and West Washington Street. The applications were made the same day. The development of a TIF District is a process in which the local government requests authorization from the Secretary of Community Affairs to apply for the distribution of property tax revenues to a specific tax district in exchange for the development of a local improvement project within the TIF District. The City of Scottsdale received a development plan for approximately 6 acres at the corner of Showman Lane and West Washington Street. The plan includes the use of TIF funds for projects such as water and sewer service upgrades, bicycle paths, and other improvements to the property. Scottsdale is located on the west side of Scottsdale International Airport at the intersection of three public streets (Showman, Washington, and East), and Scottsdale Street (WEST), which are surrounded by residential communities, residential subdivisions, and business districts. This site was purchased in January 1997 by the City of Scottsdale pursuant to Public Act 102-4. The parcel of land was located at the corner of Showman Lane and West Washington Street in Scottsdale. The parcel was purchased from the City of Scottsdale for 1,800,000 in an escrow account. In October 1998 property values had risen from 50,000 to 100,000, which meant that the City needed to raise an additional 5.5 million in a private sale. The public was presented the opportunity to purchase the land at 1,650,000, when an escrow agreement was executed. The escrow agreement required that the City of Scottsdale will provide for the land to be sold for 6.5 million on either May 22, 1999, or June 21, 1999, for an aggregate sale price not to exceed 8,280,000. Scottsdale City Council approved the sale of the land.
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