03-14-2012 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL MARCH 14, 2012 The City Administrator indicated that he would bring this issue back to the March 29th Council meeting for action, and hopefully he will have additional petitions at that time. TIF 6 -1 - The City Administrator noted that in 2008 the City and Masterpiece 2959 Homes cooperated in the acquisition of 2969 Arcade Street as a future LABORE redevelopment project and in order to resolve a code enforcement issue. ROAD The Administrator pointed out the discussion that the City has had about expanding this redevelopment area and improving the access into the area via a road connection to LaBore Road at the point that the Gervais Woods development intersects with LaBore. The Administrator indicated that it will be necessary to acquire two existing LaBore Road homes in order to accomplish this access point, and Masterpiece Homes has negotiated the purchase of one of the homes at 2959 LaBore Road for $5,000 above the appraised value which is close to the County's market value. The purchase agreement includes a lease back provision for a period of time until the property is redeveloped. The Administrator reported that Masterpiece I-Iomes is asking if the City will participate in this acquisition on a 50% basis similar to the 2966 Arcade Street acquisition. This would involve the amendment of Tax Increment Financing District 6 -1 to include the expanded redevelopment area. The Administrator reported that he has informed Masterpiece Homes that they would have to carry some equity contribution as part of the City's involvement. The Administrator suggested that there are options relative to the City's involvement, such as the construction of the necessary public improvements with a short-term assessment to benefitting properties. The Administrator indicated that the expansion of the TIF District and the City's involvement in the acquisition of 2959 LaBore Road are feasible. The Administrator indicated that if the Council is agreeable to this concept, he would draft an Amendment to the Development Agreement with Masterpiece Homes for action at its next meeting. The Administrator also indicated that he could put together more specific details for the Council's consideration at its next meeting. Montour asked what the City's cost would he in this transaction. The City Administrator estimated under $100,000. McGraw asked who owns the strip of property on the east side of 2966 Arcade Street. The Administrator indicated that this is public right -of -way that would be vacated if the LaBore Road access is put in. 10