7.1. SR 07-03-2017 - Laserfiche WebLink

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The Planning Commission reviewed the TIF plan at their June 27, 2017, meeting, and found the plan to be consistent with the city's Comprehensive Plan for the area. The Council finds that: (a) If the proposed redevelopment did not go forward,no significant alternative redevelopment of the proposed TIF area would occur. The existing buildings are currently substandard and it is highly unlikely that the improvements would be made on the property site without tax increment financing. In short, there is no basis for expectation that the area would redevelop or be renovated in any significant way purely by private action without public subsidy. (b) The Program Modification will afford maximum opportunity, consistent with the needs of the city as a whole, for the development of the Development District by private enterprise (c) The Program Modification conforms to the general plan for the development of the city as a whole. The City Council, staff and its consultants are authorized to negotiate the terms of any development agreement,if necessary,with developers in connection with the Development of the TIF District. Financial Impact The upfront financing for city acquisition, demolition and site prep will come from the FDA Fund, Storm Water Management Fund, the Street Improvement Reserve Fund, and the Pavement Management Fund (if necessary). The city will retain all the captured tax capacity to finance the cost of the TIF District and the Development District over 26 years. Attachments ■ TIF Plan for TIF District#24 ■ Resolution N:APublic Bodies\Agenda Packets\07-03-2017\Final\x7.1 sr Public Hearing for Beaudry Redevelopment TIF District No.24.docx