Laserfiche WebLink
<br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Mayor and City Council 8.2 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessMay 15, 2017Amanda Othoudt, Economic Development <br /> <br />Director <br />Item Description Reviewed by <br />Beaudry Redevelopment Project Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Adopt, by motion, a resolution calling for a public hearing on a modification to the development program <br />for Development District No. 1, the establishment of a Tax Increment Financing District No. 24 and the <br />adoption of a tax increment financing plan authorizing advance of funds to be reimbursed with future tax <br />increment. <br /> <br />Background/Discussion <br /> <br />Staff has been working with Beaudry Oil Company in the development of a new truck shop facility along <br />Proctor Avenue. As part of the project, the city is pursuing a redevelopment plan for the area. At their <br />April 3, 2017, meeting, the City Council directed staff to move forward with the steps necessary to create <br />a redevelopment plan. To determine the boundary of this redevelopment plan, it was necessary to inspect <br />each of the properties within the proposed development district to determine if the area qualifies for a <br />Redevelopment TIF district. <br /> <br />Within the district, there are 11 total buildings. In order to meet the criteria for the establishment of a <br />redevelopment TIF district, over 50% of the structures, or six of the properties would need to be deemed <br />substandard. The city’s consultant, LHB, performed the inspection of the properties within the proposed <br />district. They inspected both the interior and exterior of the buildings and evaluate the coverage of each <br />parcel. LHB was able to inspect most of the properties on Friday, May 5, 2017. Staff is working with the <br />developer in attempt to gain access to the remaining properties in the proposed district. The final report <br />will be generated once LHB has accessed all properties. <br /> <br />Approval of the resolution will enable staff to establish a Redevelopment TIF District and adopt a Tax <br />Increment Financing plan so that the city can advance funds for land and building acquisition, demolition <br />and site preparation costs and infrastructure needed to complete this project. <br /> <br />Financial Impact <br /> <br />N/A <br /> <br />Attachments <br /> <br /> <br /> <br />Call for Public Hearing and Interfund Loan Resolution <br /> <br /> <br />Exhibit A <br /> <br /> <br />