Consultant and board urge third-party feasibility analyses, possible developer cost-sharing for gap studies
Board members and consultants recommended requiring independent gap or feasibility analyses when developers request TIF, and suggested developers reimburse third-party study costs to ensure impartiality and commitment; staff said such analyses are not statutory but are common practice and can be made TIF-eligible for reimbursement.
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Board members and legal and technical consultants urged a standard practice for evaluating developer requests for TIF: require independent third-party gap or feasibility analyses that demonstrate a project "cannot proceed but for" TIF assistance. One board member suggested that such analyses be conducted by a private third party and that the cost could be a TIF-eligible reimbursement if the project ultimately receives support.
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