CC PACKET 10051999 - Laserfiche WebLink

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• Redevelop 10 residential lots by Kenzie $4.Or0000 Have purchased 4 homes, plus add Kentucky Fried Chicken, pizza, $1-,050,000 spent $250,000 and will video properties and Firstar lot This will be de- purchase 1 more creased significantly Redevelop Apache Plaza area $40.Q`000 Spent $300,000 on CUB $5000 Foods project Streetscape within the City $250 0`9_9 No activity No change Total $2,328,000 In addition, if the Council would like to spend the fund balance outside the District prior to December 31, 1999, the following are some other projects that could be considered: 1. Purchase the approximately 58,000 square feet of green space adjacent to the Shopping Center. The price is unknown. I've increased the Shopping Center money from $60,000 to $600,000. If this is the only change we make, we can do that by a resolution. 2. Purchase the Hardies's property for redevelopment for an estimated $500,000. • If the Council would like to go in this direction, it would require an amendment to our TIF plan and a public hearing. Remember, the funds must be spent before the end of the year. The schedule for the amendment would be as follows: • October 12 Call for hearing • November 9 Hold hearing • December 31 Funds must be spent In addition, Bob Thistle has reviewed the amount of funds the City has available in the Chandler District. We are able to do everything from the 1996 plan amendment listed above, as well as additional projects from the Chandler District without the December 315` deadline. The Chandler District expires in 2010 and will have a total fund balance of$3,037,000. The fund balance at the end of 1999 is anticipated to be approximately $1 million. $160,000 will be added annually for the next 12 years. •