02-08-2012 Council Agenda - Laserfiche WebLink

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Also, depending on what we target for acquisition in this district and the impact those acquisitions would have on existing fund balances will impact the dollars available for pooling. We need to extend the boundaries of the project area to allow these funds to assist with other projects. The Council should provide their reaction /prioritization of the uses identified here. Tilt DISTRICT 3 -3 (Housing District): This district's fund balance needs to be used on eligible housing activities. The best choice would be an assisted living project as mentioned above. Short of that type of use (or some other eligible activity as yet unidentified), this district would be retired early. TIE DISTRICT 6 -1 (2966 Arcade Area): This district will need to be expanded to provide an access point for 2966 Arcade. It appears it may also be possible to expand this district across LaBore Road to aid in the development /redevelopment of a number of parcels, subject to meeting the Redevelopment District establishment tests. The area that may potentially he included would start at our property (3046 LaBore) at the north end and could abut the Gervais Woods development and other properties in the Beam Avenue area. Staff believes if we need to expand this district to accomplish the access point for 2966 Arcade, we may want to think on a larger scale and provide for future opportunities as well. Your direction on this concept is need; i.e. should we spend more time evaluating this option. From a TIF financial perspective, this district will /should stand on its own merits. OTHER OPPORTUNITIES: One major opportunity is the creation of a new redevelopment district in the Woodlyn /Owasso area. The flexibility provided by 2 -1 and the pooling potential of 3 -2 may provide us with enough resources to take down the key properties on more speculative basis. Making this even more promising is a call I had today with a company looking for a five -acre site for warehousing space, I pitched them this area and the realtor seemed very interested. If this company or some other user were to come forward, then we reduce the speculative nature of the district and may even lessen the need to use resources from other TIF Districts. 1 will he running some scenarios to see what this may look like from a financial standpoint. There could be a number of other sites with redevelopment opportunities, but at this time they would be even more speculative than the Owasso /Woodlyn area. That is primarily due to the fact that Owasso /Woodlyn would facilitate industrial development while the other sites we have identified in the past would tend to be more commercially orientated. Staff will be working with Ehlers prior to Wednesday's meeting to provide a little more information on this process and to better define some of the steps we may need to take depending on the direction you provide. cc: Jeanne Vogt &'1 "odd I-Iagen, Ehlers 2