09-13-1995 Council Agenda - Laserfiche WebLink

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to support the debt. Certain acquisition opportunities create the economic resources that can be used for future development needs. Control. Acquiring land provides greater control over the development of the site. In the traditional development project, the City controls development through zoning and other land use regulations. Financial assistance to a project creates additional opportunity to achieve public objectives. However, within these constraints, a property owner controls the design and use of the property. Putting the City in this role gives it the ability to solicit development proposals that best fit the design and land use objectives of the Development Guide. While achieving these objectives is important, it's neither desirable nor feasible for the City to conduct a large -scale land acquisition program. Proactive strategy. The land acquisition program must be long -term and proactive. Land acquisition serves as an excellent example of the long -term nature of the Development Guide. Just as the vision of the Development Guide will not occur overnight, the City will not immediately be able to acquire every key parcel of property. The opportunity to acquire a parcel may not coincide with development activity. Actions: ► Create policy guidelines for land acquisition to be used as a decision making guide. This step will also help to clarify current policy on the use of condemnation. ► Encourage private acquisition, as appropriate, to avoid the additional expense of relocation. ► Identify key parcels for acquisition and determine strategies for each. The Financial Forces section of the Guide discusses potential strategies for key parcels. ► Assemble sites as needed to facilitate implementation. ► Identify parcels for acquisition and include potential acquisition costs as tax increment eligible expenditures in the plans for TIF districts #3 -1, #2 -1, #3 and #5. Financial Implications: Tax increment financing is the basic funding tool for land acquisition. Sufficient tax increment needs to be available to allow for the issuance of bonds and to pay interest on the debt prior to sale. Tax increment revenue from TIF District #2-1 could be used to leverage initial land acquisition. However, use of revenues from this District should be structured for recapture so that the development needs of the Country Drive area can be met. Time Frame: Land acquisition issues will require immediate attention. The City should immediately seek options for key residential parcels that will convert to commercial uses. Other acquisition needs will stem from development projects and the Little Canada Road improvements. Implementation [Draft - September 1, 1995] Page 86 • Page 4+5