2005.08.15 EDA Packet - Laserfiche WebLink

Home

Pu^hc Sector Advisors Hugo City Council and Economic Development Authority Meeting �Pri 13:2005 pro. r % Downtown Redevelopment Spr(ngsted Overview Next Steps—Resources • Planned re-route of CSAR 8 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 z P.nN;h�d a 4e,ir'9st2o Redevelopment District Redevelopment District(cont.) • Identification of District Boundaries Term Qualifications - 25 years after the date of recut of first increment(26 years maximum). • — Improved parcels make up at least 709/6 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. i�Wtle but arae nolo limited nation of redevelopment districts.These costs — More than 50%of the buildings(excluding outbuildings)are Acquiring properties containing substandard improvements or hazardous substances; structurally substandard to a degree requiring substantial Acquiring adecent parcels necessary to provide a site of sufficient size renovation or clearance. to permit development; • —A building is not considered substandard t it could be brought up Demolpgn and rehabilitation of structures,clearing of land;Removal or remedation of hazardous substances;and to code at a cost of less than 151/6 of a comparable new building Installation of utilities,mads,sidewalks and panting facilities. on that parcel. 1