01-24-1990 Council Agenda - Laserfiche WebLink

Home Browse Search

I. INTRODUCTION AND LEGAL BASIS A. Statement and Intent The Economic Development Authority in and for. the City of Little Canada (EDA) proposes to own and cause to be constructed a 11,200 square foot Fire Station. The EDA will lease the completed facility to the City of Little Canada (City) for a period of fifteen years. An installment purchase contract between the EDA and City will secure an estimated $1,080,000 revenue bond sold by the EDA to finance the construction and development. The City and EDA further seek to promote and encourage additional economic development growth in the hereinafter described Redevelopment Area. The proposed public redevelopment is undertaken with the expectation that it will encourage additional private redevelopment of property within the Redevelopment Area. B. Statement The City and EDA have determined that conditions exist within the Redevelopment Area which prevent further development and redevelopment of land by private enterprise. It has been found that the Redevelopment Area is potentially more useful and valuable for contributing to the public health, safety and welfare than has been realized under existing development. These conditions include: 1. There has been a lack of investment in real property development resulting in a stagnant and unproductive condition of land. 2. The area does not contribute to the tax base to its full potential. 3. The Redevelopment Area contains areas of lots which were platted prior to the effective date of the current Zoning Ordinance. The lots are small or platted with unusual configurations and lack sufficient area to accommodate contemporary, commercial facilities and their ancillary amenities. To promote development, these lots will have to be assembled into buildable sites. Page 29