05/13/2002 Council Packet - Laserfiche WebLink

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• CITY COUNCIL WORK SESSION APRIL 3, 2002 Community Development Assistant Divine stated a discussion needs to be held regarding the development and redevelopment along Lake Drive on the south and north side of the interchange. The City has a new proposal from the Beard Group for the Village. One way to pay for that is to develop a new tax increment finance district. She referred to a map pointing out a possible new district that includes the Tagg property. She also highlighted the homes and businesses along Lake Drive that would be affected by the new district. She stated staff needs Council direction regarding this issue because studies and analysis needs to be done relating to this area. The proposed district would have to meet necessary criteria for a redevelopment district. If the Council wants to move forward a contract will be presented to the Council at a future meeting. Councilmember O'Donnell asked if TIF could be used for only certain projects. Community Development Assistant Divine stated the district would be a redevelopment district that allows for more leeway. The district can be used for many types of businesses as well as infrastructure. Councilmember O'Donnell asked if the district will limit what type of development can be developed. Community Development Assistant Divine stated there are no restrictions as to what type of development can be done in a redevelopment district. Councilmember Dahl requested an updated list of all the TIF districts within the City. Communities Development Assistant Divine stated she could update the current list and distribute it to the Council. There are three properties along Lake Drive that are currently for sale. Staff will talk to all property owners once the Council provides direction. Acting Mayor Reinert inquired about a timeline regarding the proposed district. He expressed concern regarding the homes already being put up for sale. Another concern is the bridge over I35 and that not being constructed for at least a few years. Community Development Director Grochala stated the information regarding the proposed district would take one to two months to put together. It would take at least three months after that to develop the district. The earliest the City would see development is 2003. Acting Mayor Reinert stated there will eventually be commercial development in that area. He stated he does not want people to think the Council is pushing residents out of their homes to develop commercial property. He stated he does like having as many options as possible and it doesn't hurt to investigate the possibility of a new district. Councilmember O'Donnell stated the City should see if the area would qualify for the redevelopment district. He inquired about the costs of the study. Community Development Assistant Divine stated the study will cost $7,000 - $10,000.