2005.06.20 EDA Packet - Laserfiche WebLink

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Public Sector Advisors K` Hugo City Council and W, Economic Development Authority Meeting Apnits,1005 Downtown Redevelopment Springsted Overview Next Steps—Resources • Planned re-route of CSAR a Redevelopment likely to require some form of • Downtown top priority for policy makers public participation • Completed downtown plan -Acquisition,demolition,relocation • Acquisition of parcels •Redevelop substandard buildings - Must complete interfund loan resolution to reimburse with TI -Infrastructure improvements • Application for CDBG funds •Street,storm sewer,signalization • Interested developers Tax Increment Financing -Senior Housing -Redevelopment District - Other components of downtown plan -Create a source of funds Redevelopment District Redevelopment District(cont.) • Identification of District Boundaries Term • Qualifications - 25 years after the date of receipt of first increment(26 years maximum). - Improved parcels make up at least 701/6 of the district.To be Restrictions considered improved,at least 15%of the parcel's area must - At least 90%of the increment must be used to finance the costs of correcting contain improvements. elude but that not lilowmited to tan of redevelopment districts.These costs - More than 50%of the buildings(excluding outbuildings)are Acquiring propedies containing substandard improvements or hazardous structurally substandard to a degree requiring substantial substances; • Acquiring adjacent parcels necessary to provide a she of sufficient size renovation or clearance. to permit development; • - A building isnot considered substandard if it could be brought up Demolition and rehabilitation of structures,clearing of land;Removal or remediation of hazardous substances;and to code at a cost of less than 15%of a comparable new building Installation of utilities,mads,sidewalks and parking facilities. on that parcel. - . 5fi;inq;re;; ... s SprinVstea 1