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in order to maintain and enhance current community character. Accordingly, it is <br /> necessary to consider using tools that the City has not traditionally utilized. These tools <br /> 40 primarily relate to land acquisition and project finance. <br /> Land Acquisition <br /> In some instances, particularly when there is an unwilling and/or unreasonable seller, it <br /> may be necessary to use the City's power of eminent domain to acquire property. Eminent <br /> domain essentially allows a unit of government to acquire property for a specified public <br /> purpose such as redevelopment, infrastructure improvements and so forth. In addition to <br /> the price of the property, the property owner is compensated with relocation benefits. <br /> The use, or potential use of eminent domain, is vital to accomplishing redevelopment <br /> objectives. Based on discussions with other cities, eminent domain is not commonly used <br /> for most property acquisitions. Rather, it is only used when the municipality and property <br /> cannot come to mutually agreeable terms based on independent appraisals. Of course, <br /> this is a tool that must be used judiciously, on a case-by-case basis, and only when <br /> absolutely necessary. <br /> Project Finance <br /> Based on our existing TIF districts, redevelopment can primarily be funded in two ways. <br /> First, pooled funds can be utilized. As the Commission is aware, pooled funds are <br /> available after all other obligations are satisfied. Currently, our pooled funds are limited, <br /> 0 but should become more abundant once bond obligations are satisfied in 2003. <br /> Second, the EDA could issue a bond to finance the costs of land assembly. When issuing <br /> a bond for land assembly, as is the case on most redevelopment projects, the bond would <br /> be repaid through increased property taxes associated with the project,the proceeds of the <br /> land sale, and pooled increment as necessary. While the City has issued bonds in the <br /> past, it has not recently done so. <br /> Necessary Actions <br /> 1. Evaluate and Prioritize Proposed Redevelopment Opportunities. Complete <br /> Redevelopment Priority Checklist. <br /> 2. Consider and/or Recommend Use of Eminent Domain and Bond Issuance. <br /> aile.--z.gret_. <br /> Aaron Parrish, Economic Development Coordinator <br /> (763) 717-4029 <br /> Attachment #1: Overall Map of Redevelopment Opportunities <br /> Attachment#2: Redevelopment Opportunity Profiles <br /> 0 Attachment #3: Redevelopment Priority Checklist <br />