The Canterbury area has sat largely undeveloped since its original construction.  The district contains the race track, surrounding vacant parcels, barns, housing, a farmstead, out buildings, a small industrial area and other associated supporting properties.  The 400+ acre area is commonly known as Canterbury Park or Canterbury Commons. 

The Planning Commission recommended 6-0 that the redevelopment of Canterbury and the use of TIF was warranted and met the planning goals of the community and forwarded it to the City Council with a positive recommendation..

The Draft TIF Redevelopment plan shows that if Canterbury is successful with its redevelopment plan, the District would collect just over $80 million over the 25 year life of the District to pay down a note of approximately $33 million for public improvements.

This is a pay as you go note for Canterbury.  They must first pay in their entire property tax first and then the county and city will take their respective fees out and then pay Canterbury for public infrastructure based on work completed.

Canterbury will have to borrow funds to complete the public infrastructure and is at risk for all of those funds.  The taxpayers have no risk.  The TIF Funds are only allocated for public infrastructure design and construction including sewer, water, power, sidewalks, trails, landscaping,  signals, roundabouts and streets. The State Statutes limit the amount that can be spent on landscaping.

Canterbury has five years to complete all of the construction of the public infrastructure.  They will only be paid for what is completed and accepted into the public road system.  If Canterbury does not generate enough development during the TIF period to generate the appropriate taxes for the TIF, they will not receive full reimbursement for all of the public expenditures. 

On commercial development, the fiscal disparities and State Tax are still collected by those agencies.  This will require Canterbury to construct $300-$400 million in valuation to recover the full cost of the public improvements over time.

This TIF Resolution only sets the Redevelopment TIF District for 25 years and the maximum present value of public improvements of approximately $33 million.  It also sets up that this is a pay as you go District, only for public infrastructure.

Staff will brining back to Council and the EDA in the coming months a Development Agreement that will have actual road designation, final alignments, locations, offsite improvement and costs and timeline for the construction of the public improvements.