09-28-1998 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 3 STAFF ORIGINATOR: Brian Wessel DATE: 9/28/98 TOPIC: Consideration of Resolution No. 98-04 Authorizing the Preparation of a Redevelopment Project Plan BACKGROUND: Redevelopment Authorities, such as the Lino Lakes EDA, are authorized by state law to establish redevelopment projects in areas of the community which have not developed up to their potential solely through private enterprise. A Redevelopment Project Plan is prepared which identifies the geographic boundaries of the project and describes the goals and objectives the Authority seeks to achieve in that area. The most common financing tool, and the one most familiar in Lino Lakes, is tax increment financing. There are other forms of assistance, however, which must be employed when TIF is not available. The method being proposed in this instance functions much like TIF, but involves only the city's portion of taxes generated by new development. Staff recommends that the EDA reframe the original resolution to authorize the establishment of a Redevelopment Program. This will be a city planning tool that will provide an incentive program for commercial development in the Town Center. It will allow the EDA the opportunity to provide assistance where appropriate to control the type and quality of development the city wants in its Town Center. This is not a site or project specific plan, but an overall program that will provide a kick start for quality commercial development on the interchange, as well as leverage for negotiation on issues such as use, design and landscaping. Criteria for incentives within this Redevelopment Project Area could include the following: 1 The project upholds the intent of the city's Comprehensive Plan. 2. The project fits within the long term economic development goals for tax base stabilization. 3. The project serves the city by providing needed services to the community. 4. The project enhances livability as outlined by the Town Center Group.