2013.12.10 EDA Packet - Laserfiche WebLink

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Revisions to the Assessment Policy The City, through its ordinances, policies, comprehensive plan, and general practice, has maintained the philosophy that "development pays its own way." So far, this has meant that { public improvements needed because of development are designed, constructed, and fi- nanced by the developer. This year there was a petition from a developer to levy an assess- ment against property that he owns for 100% of the road project cost, including all design, en- gineering, inspections, etc. The property benefiting from the road improvement would be sub- ject to the assessment. The City Council decided to send the request to all the commissions and get their feed back on a revised assessment policy where the City could finance a public improvement under certain conditions. The EDA reviewed the request in May and during the discussion agreed that completion of key infrastructure improvements is one way to encour- age business development. The EDA made a recommendation to the City Council to revise the policy for public improvement projects that could spur economic development. In June, the City Council revised the policy to allow City financing under certain conditions, including projects with commercial and industrial economic development potential. City Acquires Additional Commercial Land in Downtown In May, the City entered into a pur- chase agreement with the owners of the former Carpenters Steakhouse to v( 7�1e. latic31a N` acquire 1 .34 acres adjacent to the city ` - -- f WT owned property across from City Hall. r; _ - : : ;��« ��} «�-� ,�,4 • �;. r In July, the City closed on three of the ` T „ aYr• r E five parcels and is expected to close on the other parcels early 2014. The total acreage that the City will own across from City Hall will be approximately 4 acres. The city owned property is cur- _� `" IF, ^_k rently for sale and available for prime commercial development. t 4 � F Did you know. . . • The City does not require parkland dedication for commercial and indus- trial development. ) • The City does not charge sewer truck charges for redevelopment sites in downtown. • Our industrial parks are located just 2 miles east of 1-35E and located \� off of Highway 61. Illl • The Bald Eagle Industrial Park is served by a rail line and offers a public spur for all businesses to access. l� • Hugo is a one stop shop for commercial and industrial development as it is the Local Governing Unit for Rice Creek Watershed District. —� • Hugo completed a Business Retention and Expansion (BR&E) Program in 2010 and was awarded an International Award of Excellence for the program in 2012. 3