02-12-2018 Council Packet - Laserfiche WebLink

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2. Needed repairs determined by the above definition must meet a cost requirement. A building is not structurally substandard if it could be brought up to the building codes applicable to new buildings at a cost of less than 15% of the cost of constructing a new building of the same size and type on the site. It is staff’s opinion, based upon past application of these parameters, that all of the buildings will meet this test. However, we must complete an interior inspection of each principal structure and to determine the conditions and corrections to document compliance with this provision. As you know, we have not determined a definite redevelopment plan for these areas. However, we need to proceed with district creation to meet the timelines of the Suite Living project. (A building permit can’t be issued before the creation of the District to have the parcel contribute increment.) It typically takes 30 – 60 days to complete this process. A proposed Schedule of Events is attached that defines the timeline we would need to follow to have the TIF District created by our first meeting in April. To create a new TIF District, we will need Ehlers & Associates to prepare the tax increment financing plan. We also need a consultant to do the structure evaluations to determine if the substandard test is met. LHB, Inc. is the company that can assist us in this regard. (I have asked for a proposal, but we likely won’t have it in time for Monday’s meeting.) Our Building Official will do the two houses, but I believe a consultant should do the five commercial buildings. Staff’s recommendation is as follows: 1. Adopt the attached resolution calling for a public hearing for the establishment of TIF District 3-4 with the hearing to be held on April 11th. 2. Authorize Ehlers & Associates to prepare the Tax Increment Financing Plan for TIF 3-4 and to submit all required notices. 3. Authorize staff to contract with LHB, Inc. to complete the structural evaluations of the five commercial buildings to be included within TIF District 3-4.