CR 95-17 Public Hearing On Creation
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e January 30, 1995 o P K \ .,.. Council Report 95-17
CALL PUBLIC HEARING ON CREATION
OF TIF DISTRICT 1-2
(FORMER SUBURBAN CHEVROLET PROPERTY)
Proposed Action
Staff recommends adoption of the following motion: flMove to
schedule a public hearing for Tuesday, Apr i 1 4, 1995, at 7:30 p.m.
in the Council Chambers at City Hall."
with approval of this action staff will begin to undertake the
necessary steps to establish the District. Approval of this action
does not obligate the City Council to establish TIF District 1-2.
Overview
In fall of 1994, staff began exploring the possibility of removing
the former Suburban Chevrolet property from the existing Tax
Increment District 1-1 and placing this property in a newly created
Tax Increment District 1-2. The purpose of this action is to allow
e the HRA to collect tax increment from the theater/restaurant
project for a longer period of time than what would have been
allowed if the property were to remain within TIF District 1-1.
Due to the greater length of a new TIF District, more Tax Increment
will be generated to help provide another option for financing
development of this site.
In August, 1994, the BRA/Council approved a resolution supporting
findings of blight on the Suburban Chevrolet property, which would
allow for the potential creation of a Tax Increment District on the
site in the future.
At this time staff is asking that the BRA/Council set a date to
hold a public hearing for creation of this Tax Increment District.
This action in no way obligates the City Council to certify a Tax
Increment District.
Primary Issues to Consider
~What is th~ future processci
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Paulf. Steinman
Community Development Specialist
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city council - TIF District 1-2
Page 2
. Primary issues to consider.
0 What is the future process for this issue?
Prior to the April 4th public hearing, should the City Council
approve the action, staff will be undertaking the following
activities with regard to establishment of TIF District 1-2:
0 Send public hearing notification to County
Commissioners.
0 Send public hearing notification and map to local
paper.
0 Prepare a draft "Tax Increment Plan".
0 Forward a copy of the draft plan to School District,
and County Board.
0 Have Zoning & Planning Commission review the draft
plan and take action on its compliance with the
comprehensive plan.
e Al terna ti ves .
The City Council has the following alternatives available to them
at this time:
0 Approve the recommended action.
0 Deny the recommended action. This alternative
assumes the Council is no longer interested in
exploring the option of creating a new Tax Increment
District on the former Suburban Chevrolet site.
0 Continue the issue for further information. This
alternative may potentially delay certification of a
new district which would have negative impacts on
its use as a financing tool for redevelopment of
this site.
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