05/02/2011 Council Packet - Laserfiche WebLink

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• • • • Special Assessments imposed upon the property owner(s) to pay for improvements that benefit the property While the City has used both Tax Increment and Tax Abatement to assist in development and redevelopment, the City Council could consider more long -term payout periods for sites that are difficult to redevelop without access to utilities. Additional sources of revenue to expedite redevelopment could include: • Designate a portion of Trunk Fund reserves for economic development • Develop a policy of using Pooled TIF for economic development, thereby allowing 20% or 25% of total TIF from new TIF districts to be spent outside the boundaries of the TIF district • Create City Charter exempt districts where interim uses are allowed if owners accept assessments for extension of utilities to the site • Encourage private equity in the form of an Economic Development Corporation Other options available entail an additional tax levy including: • Anoka County HRA: has Economic Development Authority to levy for economic development purposes. This is a property tax increase on all Lino Lakes taxpayers. In Anoka County the Cities of Centerville. Columbia Heights, Columbus, Hilltop, Lexington, Linwood Township, Nowthen, Spring Lake Park and St. Francis levy for economic development activities through the Anoka County HRA. According to the County, at the existing levy rate, this would generate approximately $330,000 annually for economic development activities. • Lino Lakes Economic Development Authority (EDA) Levy: The City has an existing EDA with statutory authority to levy for economic development purposes. An EDA levy must be not more than 0.01813 percent of taxable market value, which would generate slightly less than the Anoka County levy. The City may also choose to levy less than the maximum amount. Action 3: Consider changes to current controls to allow additional flexibility for the reuse of nonconforming properties that could meet all building and fire code requirements. This would include changing zoning ordinances to allow uses within commercial /industrial zones which are not currently allowed. As part of the implementation of the draft Comprehensive Plan, staff will review city ordinances and will evaluate existing allowable uses in the Commercial and Industrial zones, and consider changes that can be made to remove obstacles to use of existing buildings. One consideration will be creation of a new zoning district for commercial properties that do not have utilities available.