CC PACKET 09232002 - Laserfiche WebLink

Home Browse Search

Does District#3-5 meet the qualifications of a Redevelopment District? 59 District #3-5 consists of 24 parcels to be redeveloped for retail, office, residential and come purposes. An inventory completed by LHB Architects for the parcels concluded that parcels cons sang of 70 percent of the area in the District are occupied by buildings, streets, utilities or other improvements. LHB also conducted an interior and exterior inspection of all the parcels/properties and concluded that more than 50 percent of the buildings in the District, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance (meaning the buildings could not be modified to satisfy the building code at a cost of less than 15 percent of the cost of constructing a new structure of the same square footage and type on the site....see attached report). What is being developed within TIFDistrict#3-5? The Development Team that was selected by the City in 2002 to undertake the redevelopment of the Northwest Quadrant has submitted a Development Plan for the area that consists of the construction of a 142,000 sq/ft big box retailer, 56,000 sq/ft of smaller retail, 25,000 sq/ft of office, 220 market rate apartments, 336 urban flats, 26 three-story town homes, 80 senior Co-Op units and potentially 44 condominiums. In addition significant public improvements will be completed which consist of the construction of a new east/west collector street (39ffi Avenue —new 4-lane divided roadway), new and increased storm water ponding to address poor water quality issues in Silver Lake due to the current development, reconstruction of a lift station at Foss Road, reconfiguration of the existing trunk water main on the site and the creation of public open spaces and.water features. What will the Tax Increment be used for? Tax Increment will be utilized for qualified costs such as, but not limited to, land acquisition, demolition, relocation, public utilities, infrastructure, site improvements, landscaping, rehabilitation, any financing cost, etc. The amount and use of TIF by private developers will be outlined in the individual development agreements and approved by the City Council and the City's Housing and Redevelopment Authority (HRA). Does the TIFPIan for District#3-5 conform to the Comprehensive Plan for the development or redevelopment of the City as a whole? The Plan was reviewed by the Planning Commission on September 16, 2003. The Commission found that the Development Plan for TIF District#3-5 is consistent with the City's Comprehensive Plan. Attachments: Resolution Exhibit A TIF District Location Map Tax Increment District #3-5 Plan Substandard Inspection Report