7.2 HRSR 07-10-2017 - Laserfiche WebLink

Home Browse Search

E lls River` Request for Action To Item Number Housing and Redevelopment Authority 7.2 Agenda Section Meeting Date Prepared by General Business July 10, 2017 Amanda Othoudt, Economic Development Director Item Description Reviewed by Update on the Creation of TIF District No. 24 Cal Portner, City Administrator Reviewed by Action Requested Hear update on TIF District No. 24 Background /Discussion Beaudry Oil Company plans to development a new truck shop facility along Proctor Avenue. A TIF District is being established to facilitate the acquisition and demolition of blighted buildings to facilitate public improvements and prepare for a new developable parcel for commercial /retail. The city has performed all actions required by law to be performed prior to the modification and approval of the Program Modification and the TIF Plan. The Planning Commission reviewed the TIF plan on June 27, 2017, and found the plan to be consistent with the Comprehensive Plan. Staff is negotiating purchase agreements with property owners on Proctor and Quinn Avenue to locate the Beaudry project adjacent to their bulk plant with an east /west street connection from Proctor to Quinn to be constructed along the south which will replace 6`h Street. The next steps include requesting certification of the district from the county. The deadline to consider this action is June 30, 2018. Financial Impact The upfront financing for city acquisition, demolition and site prep will come from the City Development Fund, Storm Water Management Fund, the Street Improvement Reserve Fund, and the Pavement Management Fund (if necessary). The city will retain the captured tax increment to finance the repayment of cost project over 26 years. Attachments ■ TIF Plan for TIF District #24 • LHB Report • PC Resolution • City Resolution PV0WIHED 6Y Template Updated 4/14 INATUR