CC PACKET 05231995 - Laserfiche WebLink

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MEN10RANDU� DATE: May 4, 1995 TO: Mayor and Councilmembers FROA'I: Michael Morrison, City Manager ITEAZ: TAX RiCREAIENT FINAIINCI\G ANIENDAIEiVT A public,hearing on an amendment to the City's redevelopment plans. Amount of funds: $4,610,000 Possible use of funds: 1. Evergreen . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 2. Autumn Woods Senior Project . . . . . . $500,000 (Kentucky Fried Chicken and approximately 10 homes) 3. Community Center . . . . . . . . . . . . . . . . . . $2.5 million 4. American Monarch. .. . . . . . . . . . . . . . . . . . . . $125,000 5. Apache . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000 6. Old Clark Station . . . . . . . . . . . . . . . . . . . . . $30,000 7. Makowske property . . . . . . . . . . . . . . . . . . . . $350,000 (Approximately 6 parcels) 8. Lowry Grove . . . . . . . . . . . . . . . . . . . . . . . . $500,000 9. Bowling alley . . . . . . . . . . . . . • . . . . . . . . . . $60,000 10. St. Anthony Shopping Center area . . . . . . . . . . . $35,000 11. Vacant lots on Silver Lake Road . . . . ... . . . . . $60,000 $4,610,000 Benefits: 1. No LGA loss 2. Will not have to issue bonds 3. Will not have to put some of the property in the district which would allow the City to benefit immediately from the development with the exception of Evergreen. The City has H.R.A. Project Funds that could pay for some of these projects. A resolution will be prepared for consideration at the April 25th meeting. The Planning Commission will review this at their May 16th Planning Commission meeting.. Both Counties and the School District will be notified of the hearing on or about May 27th. The City Council and H.R.A. will hold the hearing and adopt the amendment on June 27th. This will provide the City with a plan in place to provide assistance to redeveloping various properties.