8.0. HRSR 10-28-2002 - Laserfiche WebLink

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Downtown Revitalization Project October 28,2002—HRA Meeting Page 2 of 2 • Heritage Preservation Commission (H PC) Recommendations A joint meeting of the City Council and HPC was held October 14, 2002. One of the items of discussion was the HPC's recommendation on historic significance in the downtown area. The City Council directed the HPC to hold a joint meeting with the HRA regarding the recommendation. Staff recommends that prior to a joint meeting with the HPC, that the HRA first get a better understanding of what the developer proposes to do and then examine the impact,if any, on what the HPC is recommending. The HPC's recommendation will be considered prior to a final decision on the project. Tax Increment Finance (TIF) Redevelopment District Qualifications The HRA has previously discussed the consideration of Tax Increment Finance (TIF) to fund a portion of the redevelopment cost. One of the steps in the process of creating a TIF redevelopment district is the evaluation of the physical condition of the buildings in the area. The condition of the buildings will be determined by exterior and interior observation together with a review of public record such as building permits. The attached TIF Redevelopment District Requirements summarizes the statutory qualifications. Staff has distributed request-for-proposals to three engineering firms for the completion of property inspections as required to qualify an area as a TIF redevelopment district. Upon staff's review of the proposals, a recommendation to authorize inspections and a map of the • affected area will be presented to the HRA for consideration at its November 25th meeting. Preliminary Redevelopment Agreement As a result of staff's negotiations with MetroPlains Development, the city's TIF attorney,Jim O'Meara of Briggs &Morgan, has drafted the attached Preliminary Redevelopment Agreement for the HRA's consideration. The agreement addresses the issues that must be addressed prior to final development agreement preparation. These items include the preparation of a refined site plan, financial and market feasibility analysis, and project timing issues. In addition,MetroPlains is required to deposit funds with the City to cover "out of pocket" expenses incurred by the City for legal, financial and engineering reviews. MetroPlains has provided the attached Project Tasks and Schedule for the HRA and public information. A representative from MetroPlains will be present at the HRA meeting to briefly present the schedule and answer to any questions. Requested Action Staff recommends that the HRA consider approval of the attached Preliminary Redevelopment Agreement by and between the HRA and MetroPlains Development,LLC. •