09-13-1995 Council Agenda - Laserfiche WebLink

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acquisition Round Lake Plaza. The City should also consider redevelopment of parcels east of the railroad for housing uses (in order to create a better transition between the redevelopment area and the neighborhood /residential area to the east. ► Include this project as tax increment eligible expenditures in the plans for 111 districts #3 -1, #2-1, #3 and #5. Financial Implications: The financial implications of this implementation step cannot be presented at this time. Four factors will shape the financial impact on the City: ► Distribution of costs between City and County. ► Construction cost. ► Costs of design enhancements desired by City. ► Costs of land acquisition and relocation of property owners. As the planning for the project progresses, it will be important to prepare specific finance plans. The property should have positive effects for adjacent commercial property. These benefits create the foundation for levying special assessments. A special service district would allow a portion of the costs to be borne by a broader area in the Little Canada Road and Rice Street area. The project would not create taxable valuation, but would be tax increment eligible expenditure. To the degree that these sources are inadequate, other revenue such as state aid road funds and general property taxes will be considered. Time Frame: Work on this step should begin immediately. If the project is to be built in 1997, design work will occur next year. Important decisions about the project will be made in the next 12 months. There will also be the opportunity to coordinate potential business relocation with other development projects. Acquire property needed to achieve objectives of the Development Guide Rationale: The implementation of the Development Guide will require the City to acquire key parcels of property and to assemble sites for development. Several factors highlight the importance of land acquisition as an implementation strategy. Increments vs. Scale. The Area consists of smaller parcels and not large tracts of land. It is easier for a developer to concentrate on a single parcel, rather than the additional effort of assembling several parcels into a larger site. In key locations, the City is in the best position to assemble sites. Resources. The City has the tools and financial resources to acquire land for redevelopment. State Law allows cities to borrow money to acquire land. Tax increment financing can be used Implementation [Draft - September 1, 1995] Page 4+4 Page 85