Agenda Packets - 1990/11/19 - Laserfiche WebLink

Home Browse Search

• Once Walt and I concluded that some of the Council ' s desires for redevelopment activities could be funded with TIF, the question of "when" was addressed . Unfortunately, this question cannot be answered simply . The answer is dependent upon many "ifs" . They are, * If the City amends its District Plans, Budgets and boundaries to include the appropriate parcels. * If excess increments result from Phases I and II and the Council chooses to use the money for other activities rather than retire the bonds early. * If the Council chooses to collect increments from Phases I and II after the bonds are retired . ( The bonds retire after 15 years and the Districts expire after 20 years. ) * If Everest does build Phase III . * I'f the Council chooses not to give Everest all of the expected increment from Phase III . (Everest projects that after build-out, the project will produce approximately $480,000 in increment each year. ) Should the Council decide to amend the plans, budgets and boudaries of • some of our TIF Districts to allow these activities , and should the Council choose to use available increments from Phases I and II and/or not give all of the projected increments from Phase III to Everest, and should Everest build Phase III , all of these activities could be accomplished with subtantial funds being available around 1994. I would not recommend that the Council undertake any activities on the expectation that funds will be forthcoming . Rather, I would urge the Council to set the mechanisms in place by amending the plans , budgets and boundaries and then when increment becomes available implement the plans if you are still committed. Please remember that you are not obligated to do anything just because you have put the mechanisms in place. You can still choose not to undertake the projects or discontinue them and return the increments to the various taxing jurisdictions. In anticipation of your interest in the concept and desire to pursue the matter further, I have directed Walt Hartman to prepare a report for your consideration at your February 5thagendasession . This report will include all of the documents necessary to amend the plans and add identified areas. In order to keep our options open in view of the expected changes to TIF during the upcoming legislative session , I will be asking you to set a public hearing at the February 12th Council meeting for February 26th to consider the necessary amendments. In between now and then , we can discuss these plans further and make any revisions you feel necessary . Walt and I would urge you , however, to consider adoption on February 26th as we risk having the door closed on • us by the Legilature around March 1st when they are expected to adjourn . This memo is being provided to you in advance of Walt' s report and the . February 5th meeting to prepare you. Should you have any questions, please give- me a call .