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· Economic Development Director, Randy Haymaker, introduced the following town advisors: Mike Shaver, Wabash Scientific Bruce Donaldson, Bakers & Daniels Myron Frazier, H.J. Umbaugh Gene Amblin, HNTB Mr. Haymaker asked the consultants the following questions about TIF: 1. Does the Redevelopm~t Plan allow the Town to exercise its right of eminent domain? Bruce Donaldson answered, No. 2. Does the Redevelopment Plan give the town additional eminent · . domain powers? Bruce Donaldson again answered, No. 3. Is TIF an additional tax on existing property? Myron Frazier answered no. TIF captures the tax on future developm~t in the TIF district. He explained that new improvements in the TIF District will be added assessment for the town and the taxes paid on those improvements will be returned totally for designated projects in the TIF District. 4. If a house in the TIF District bums will the owners be permitted to rebuild? Bruce Donaldson answered, Yes. 5. Will the TIF cut operating n~ney for the school district? Myron Frazier stated that the school is at its maximum levy therefore, they can not raise their rate and ~ill not be effected by Tax Increment Finance. 6. Is the proposed Caperton project in the TIF District? Mike Shaver explained only property located in the town limits can be included in the TIF District, and since the Caperton project is not in the town limits it is not in the TIF District. 7. Can the TIF be extended without public notice? Bruce Donaldson answered tb~t there has to be a public hearing. The following questions were asked by Sign~ Nicholson: 1. What is the procedure to amend the Tax Increment Fi.nance~, District? Bruce Donaldson stated that if the boun_d~ries are expanded more than 20% the entire process of setting up a TIF District would have to be repeated. If the district was expanded less than 20%, the Redevelopment CuL~ission would have to publish the new district, there would be a public hearing and the plan cu,~dsssion would have to make a finding of the effect of the district on the master plan of the town. 2. If the Redevelopment Cc~mission adds additional plans to the Redevelopment Plan, what procedure is required? Bruce Donaldson answered, the plan would have to be amended through due process. 3. The TIF has to confom to the Town's master plan, therefore, if the master plan changes does the redevelopment plan have to cbmnge ? Bruce Donaldson stated the Redevelopment Co~mission would have to amend their plan to confom with the master plan.