Economic Development Related Programs � ActivityiProject: Strategic Plan For Economic Development
Goal Maintain an updated Plan to guide future economic development efforts
within the City.
Status/Issues: .
o Status report on progress made toward achieving goals in Plan is
attached. It appears substantial steps have been taken toward
completing action steps within the current plan.
o Currently working with the Strategic Planning Review Committee to review
and update the Strategic Plan.
o Will potentially be going through a survey process to gather additional
information which may help to provide direction to the Review Committee.
o Membership on Task Force is:
� - Mike Miller, NAB
- Angie Roesner, NAB
- Nelson Berg, HBCA
- Mark Senn, HBCA
- John Hutchison, Planning & Zoning
- Dan Johnson, Planning & Zoning
- Paul Bengsten, School District
- Fran Hesch, City Council
- Chuck Redepenning, City Council
Attachment Status Report
Notes/Comments:
�
JK11304A
BUSINESS RETENTION/RECRUITMENT
�
GOAL #1
Foster the stability and growth of existing businesses.
An important element in job growth is business retention. A much greater percentage of
employment base comes from within existing business, than from recruitment of outside
business. With this in mind, the City must focus a great amount of attention toward
fostering the growth of the existing businesses in the community.
Suggested action steps
1. Encourage projects which will help to provide the full range of support
services to employees and local businesses.
In process - Information has been obtained through HBCA
surveye
2. Undertake a"business retention and expansion" survey process to identify
needs of existing businesses.
� Completed - Data available for review.
3. Work with SUPERVALU warehouse to encourage and accommodate their
expansion needs.
Continuing - SUPERVALU not interested in warehouse
expansion at this time.
4. Take an inventory of environmentally contaminated sites and identify future
plans for redevelopment/clean-up of these sites.
In process - Achieved special legislation to help with
redevelopment of Tech Center property. Currently working with
owner on potential redevelopment.
5. As much as is determined appropriate, expand the City's existing
programs, such as the Commercial Rehabilitation Loan Program and Sign
Grant Program, to include other commercial/industrial areas.
Limited progress
�
Page 1
6. Work with Hennepin County on redevelopment of Hennepin County Public
Works site. �
In process - County is expected to relocate in 1997. City
negotiating Purchase Option Agreement.
7. Insure that existing training opportunities are easily accessible for
employees of local businesses through marketing and development of
these programs. Facilitate partnerships between local businesses and
institutions which provide these training opportunities.
Limited progress.
: 8. Work with local banks, Department of Trade & Economic Development,
and SBA to increase awareness of existing programs which support
business expansion.
Completed/ln Process - Staff has met with local banking
institutions. Staff has not met with DTED & SBA.
9. Establish landscaping programs for all commercial/industrial areas of the
City.
In process - Preliminary work has been completed.
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� GOAL #2
Induce targeted business and industry to locate in Hopkins.
The recruitment of outside business and industry has to be an integral part of every city's �
business retention and recruitment efforts. In a city such as Hopkins, where only a small
percentage of land is available for development, specific types of business and industry
need to be targeted to insure maximum positive impact to the community. For identified
redevelopment areas, the types of business/industry which are targeted are determined
through the City's land use policies and economic development goals.
Suggested action steps:
1. Encourage projects which help to provide the full range of support services
to employees and local businesses.
In process - Information has been obtained through HBCA
_ survey.
2. Expand the "leasing guide" program, which provides Realtors and
prospective retailers a list of available properties along Mainstreet, to
include commercial/industrial properties in other sections of the City.
� Limited progress.
3. Provide incentives to create quality jobs for skilled/technical employees.
In process/Completed - Thermotech project.
On-going
4. Facilitate a project involving a large scale general merchandise store on an
appropriate site which is deemed compatible with the existing residential
and business community.
Limited progress.
5. Insure that responsible parties maintain an understanding of changes in
the metropolitan, national, and world markets, and take advantage of
opportunities presented.
On-going - Training.
6. Recruit businesses which have a relationship to the existing grocery
industry.
•
Limited progress.
Page 3
NEIGHBORHOODS
�� �
GOAL #1
Assure strong and well maintained neighborhoods in order to foster an overall
; positive economic development climate in Hopkins
;
� The stability and growth of neighborhoods is key to the success of any economic
development efforts of a city. Neighborhoods provide employees for existing and
'� potential businesses, a market for the retail sector, and create an image of the
; community which is a reflection upon the local businesses. Neighborhoods are also a
j reflection upon a community's social and economic standards of living, and overall
� quatity of life, which in turn impacts economic growth.
Suggested action steps:
1. Examine properties which are currently zoned and guided for multi-family .
housing.
i In process - Z& P in process of conducting hearings on
proposed changes to Zoning Ordinance and Comprehensive
Plan. ,;;:;,, .
2. Examine appropriateness of" zoning standards as related to
rehabilitation/improvement of existing non-conforming structures/uses.
Limited progress.
3. Facilitate development which will help to meet "special housing needs,"
i.e., senior, handicapped, 3-bedroom family, and luxury housing needs, and
� establish a high priority to maintain owner occupied housing.
In process - Pines redevelopment - potential owner occupied
' townhouse project.
Completed - Handicap Housing Project (Sonoma)
4. Examine and improve, as necessary, present guidelines for buffer areas
between new commercial development projects and residential properties.
In process - Zoning changes are being formulated.
5. Maintain and improve public infrastructure in neighborhoods.
On-going - Continued improvements are included in Capital �
Improvement Plan, i.e. neighborhood streets and sidewalk
repair program.
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+ 6. Examine and improve housing maintenance codes and aggressively
enforce these codes.
In process - New Housing Maintenance Code being prepared
and enforcement efforts have increased substantially.
7. Monitor effectiveness of "Truth in Housing" ordinance to insure it is helping
to maintain and upgrade residential housing stock. .
On-going.
8. Continue/expand existing housing programs pursuant to the City of
Hopkins Housing Plan.
On-going - e.g., Westbrooke Special Legislation and
Aquisition/Demolition/Replacement Program.
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Paqe 5
GOAL #2 �
Foster communication and cooperation between the City, neighborhoods, schools,
and the business community.
The City will be undertaking a renewed effort as part of this Strategic Plan to further its
, communication efforts among and between neighborhood residents and the business
� .
. . .
community. It is imperative to the success of economic development and related
activities, that a forum be provided to allow for the free flow of information between these
groups. This information will result in a greater level of cooperation between
� neighborhood residents, schools, the business community, and the City. This
� cooperation is a vital link to achieving positive economic development results in our
; community.
�
Suggested action steps
1. Develop a neighborhood outreach program and establish a Neighborhood
Advisory Board (NAB) made up of representatives from every
neighborhood association.
Completed/In process.
����,
2. Closely examine impacts on neighborhoods when considering changes in
city services which affect residential areas, i.e., snow removal, garbage
service, park maintenance, code enforcement, etc.
� On-going:
� 3. Improve and maintain communication between City and School District to
develop a more cooperative effort toward achieving the goals of both public
entities.
Completed/In process, i.e. Schools & Community In Partnership
(SCIP)
4. Coordinate active distribution of "new resident packets" with the school
� system, Realtors and local apartment complex management.
In process - Currently working with Property Managers
Coalition to prepare new resident packets for apartment
dwellers. Limited progress on distribution to Realtors and
School system.
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� COUNTY ROAD 3
GOAL #1
Improve vehicular and pedestrian movement along County Road 3 and enhance
the link between County Road 3 and Mainstreet.
County Road 3 is one of several major corridors which bisect the City of Hopkins. Other
corridors include Highway 169, Highway 7, Shady Oak Road and Blake Road. County
Road 3 is probably the most visible corridor, and is undeniably the most in need of repair
and upgrading. Although other corridors of the City also may need improvements,
County Road 3 was determined to be the highest priority at this time.
County Rd. 3 does not currently accommodate ease of vehicular and pedestrian
movement. The location of the railroad tracks, minimal proper roadway facilities, worn
infrastructure, and lack of sidewalk/bikeways make this corridor non user-friendly.
Additionally, there is no real visual link between County Road 3 and Mainstreet. This
results in a separation of these two commercial areas rather than a union, which would
allow both corridors to benefit from each other.
� Suggested action steps:
1. Work with Hennepin County to implement a County Rd. 3 Improvement
Project as part of their 5 year Capital Improvement Plan. Begin planning
� for a major improvement project to this corridor. Take into consideration
the possibility and needs associated with light rail transit.
In process -1st phase of project to begin in 1996.
2. Undertake analysis of corridors to determine the potential for an
improvement project which will connect County Road 3 and Mainstreet.
In process - County Road 3 Corridor Study is analyzing this
issue.
3. Develop a program to complete a pedestrian walkway and bikeway system.
Incorporate with County plans to upgrade roadway and proposed County
Trail System for HCRRA property.
In process/Completed - County Road 3 corridor study defines
pedestrian improvements. Hennepin Parks has made trail
� improvements along HCRRA property. City has adopted a
pedestrian and bike plan.
Page 7
4. Undertake study of possibly reusing the Railroad Depot located at T.H. 169
and County Road 3. Also, analyze ability to incorporate Central Park with
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County Road 3 improvements.
In process - City exploring possibility of purchasing depot from
Hennepin County. Issues regarding Central Park are being
discussed as part of the County Road 3 Corridor Study.
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� GOAL #2
Foster the development/redevelopment of property along County Road 3, including
consideration for a business and/or major retail uses.
A large number of commercial/industrial uses are located along this corridor, some of
which are in a less than desirable condition. Redevelopment of specific areas along the
County Road 3 corridor could have a significant impact on the corridor and entire
community. In addition, the development of vacant parcels, such as the R.L. Johnson
property along 11 th Avenue, will assist in expanding the City's tax base and create jobs.
Suggested action steps
1. Determine the appropriateness of locating a business park and/or major
retail involving large scale single uses on the R.L. Johnson property and its
impact on the community.
Limited progress.
2. Work with developers concerning the undertaking of a project on the R.L.
� Johnson property, as determined appropriate, including a Request for
Proposals, if necessary. Tie this to incentives and possibly zoning
� flexibility. Include property owner in process.
On-going/ln process - Worked with several developers on
potential projects for this site. Owner is currently working on
project with industrial user.
3. Utilize financial incentive programs for the County Road 3 corridor to
encourage private reinvestment and location of new businesses along the
corridor. Incorporate a landscaping and signage improvement assistance
program.
On-going/Completed - Hopkins Auto Body & working with Tech
Center owners on redevelopment.
Limited progress - Landscaping & signage programs await
beginning of County Road 3 Improvement project.
4. Communicate with existing business/property owners regarding:
o Potential improvement project(s)
o Development/redevelopment activities
i On-going/Completed - Continued communication as integral
part of County Road 3 Corridor Study and upcoming
Improvement Project.
Paqe 9
GOAL #3
;,;.:
Improve/enhance function and appearance of existing commercial, industrial, and
public/semi-public land uses, including visual improvements such as landscaping,
screening, and tree planting.
County Road 3 is one of Hopkins most visible corridors, and it provides a perception of
the economic vitality and quality of life in the community. Due to the significance which
this corridor represents, County Road 3 must be immediately focused upon for
improvements both visually and functionally, through the development of a
comprehensive approach to upgrading this roadway and surrounding land uses.
Suggested action steps:
i 1. Reconvene County Road 3 Task Force insuring that entire corridor is
' consistently represented.
�
Compteted.
' 2. Undertake communication efforts with representatives from Hennepin
County, HCRRA and City, to make the necessary improvements as
outlined by the Strategic Plan, County Road 3 Task Force
I recommendations, Benshoof traffic study, and Land Use study. �,;�
CompletedlOn-going.
3. Review and amend, as necessary, the Comprehensive Plan and Zoning
Ordinance to insure consistency with Strategic Plan, and County Road 3
Task Force recommendations.
On-going - County Road 3 Task Force is aware of Strategic Plan
recommendations.
Limited progress - Comprehensive Plan � Zoning Ordinance
have not beeri amended pending �nal adoption of County Road '
3 Corridor Study. '
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4. Undertake land use study for County Road 3 between 5th Avenue and
Blake Road in cooperation with upgrading of the roadway by Hennepin
County. �
Completed - As part of the County Road 3 Corridor study.
5. Undertake steps to implement landscaping improvements on public �
property between Highway 169 & 11th Avenue.
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In process - County Road 3 Corridor study incorporates this
action step.
Page 10
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� MAINSTREET
GOAL #1
Provide an atmosphere which will foster the retention of existing business on or
near Mainstreet and attract new businesses.
Mainstreet, bordered by Washington Avenue on the east and Shady Oak Road on the
west, needs to be preserved as a major servicelretail sector of Hopkins. The City
currently has programs developed to aid in the retention and attraction of businesses
along Mainstreet.. The City's Commercial Rehabilitation Loan Program and Sign Grant
Program act as incentives to upgrade existing buildings/businesses along Mainstreet.
The City and Hopkins Business and Civic Association have developed programs to help
attract retail businesses to Mainstreet.
o New Business Incentive Program
o Realtors Incentive Program
o Leasing Guide
� The City has recently made a large investment into the upgrading and repair of
Mainstreet. The City completed the final phase of a$3.7 million dollar Mainstreet
Improvement Project in the Fall of 1992. The Improvement Project repaired
infrastructure and provided a variety of enhancements to Mainstreet including brick
pavers, antique lighting, additional parking, benches, trash receptacles and a plaza and
clock tower in the heart of the Central Business District.
Suggested action steps:
1. Encourage destination type businesses with an emphasis on the arts,
entertainment, recreation, and family oriented uses, to locate on or near
Mainstreet.
In process/On-going - e.g., Theatre/Restaurant proposal � Arts
Facility.
2. Explore new incentive programs to attract/retain businesses on or near
Mainstreet.
Completed - Worked with State Legislature on obtaining funds
for Arts Facility. Developed Facade Grant Program and
modified Commercial Rehabilitation Loan Program. Developed
i creative financing package for Theatre/Restaurant project.
On-going - Other potential incentive programs being discussed.
Page 11
3. Improve and regularly assess existing programs to attract/retain
businesses, i.e., the Commercial Rehabilitation and Sign Grant Program,
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New Business Incentive Program, Realtors Incentive Program and the
Leasing Guide.
On-going/Completed - Commercial Rehabilitation Program
modifications and addition of a Facade Grant Program.
4. Continue to promote Mainstreet Hopkins through trade show attendance,
festivals, and special events such as Farmers Market, Farades, Heritage
Days, the Raspberry Festival and other promotional opportunities.
i On-going.
�
5. Maintain an inventory of vacant buildings on or near Mainstreet and
i actively distribute to Realtors and potential lessors.
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Completed/On-going.
6. Encourage businesses on or near Mainstreet to adopt uniform hours and a
more consistent management style in order to provide a reliable level of
service to patrons of the Mainstreet area.
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Limited progress. �
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� GOAL #2
Complete physical improvements to Mainstreet and develop the corridors
connecting Mainstreet to County Road 3.
Upgrading the infrastructure and aesthetic character of Mainstreet has provided
business/property owners an incentive to make private investments to their properties.
The Mainstreet Improvement Project was substantially completed in October 1992.
Suggested action steps:
1. Undertake analysis of corridors to determine the potential for an
improvement project which will enhance the connections between County
Road 3 and Mainstreet.
In process - Potential linkages being studied in the County
Road 3 Corridor study.
2. Analyze the impact of the Mainstreet Improvement Project as related to
parking, vital improvements; traffic; pedestrian movement, etc.
Limited progress.
� 3. Examine completing aesthetic and infrastructure improvements to
Mainstreet between 5th Avenue and Washington Avenue.
Completed - Improvement project complete as of Fall 1994.
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Page 13
GOAL #3
�
Develop and implement new financing programs to offer additional alternatives for
financing redevelopment or rehabilitation projects on or near Mainstreet.
Banking institutions in today's economy have limited ability to offer the financing options
which were available a few years ago. Cities are expected to participate more than ever
in providing various financing options and techniques for property owners and
developers. The City currently offers low interest funds for rehabilitation, and Tax
Increment Financing as a tool for redevelopment.
Suggested action steps:
1. Work with the "bank consortium" to assist in securing financing for
redevelopment projects on or near Mainstreet Hopkins.
Completed/On-going.
2. Work with area banks to establish financial incentives in cooperation with ,
existing City programs to support rehabilitation or redevelopment
opportunities on or near Mainstreet.
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In process - Worked with local banks to develop programs to ;����
dovetail existing City programs.
3. Monitor state/legislative actions to ensure proposed changes to economic
development tools are not detrimental to Hopkins. Encourage new .
state/I�gislative programs which are beneficial to locat economic
development initiatives.
On-going.
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� CITY-WIDE IMAGE.
GOAL #1
Develop and maintain a positive appearance and perception of the City of Hopkins.
Appearance is an important aspect of any community's image. A city can undertake
simple steps to improve upon their image which helps create a positive perception by
residents and surrounding communities. Making a good first impression is important to
attracting business and industry, and helping to maintain property values throughout
Hopkins.
Suggested action steps:
1. Encourage destination type businesses or uses which appeal to consumers
interested in the arts, family types of uses, entertainment, and recreation.
In process - e.g., Theatre/Restaurant/Arts Facility project.
2. Improve appearance of entry points to City through signage, landscaping,
infrastructure, maintenance, etc.
� In process - County Road 3 Corridor Study.
Completed - Handicap Housing Project (Sonoma). .
3. Maintain and improve all public infrastructure.
On-going - City Capital Improvement Plan insures this.
4. Advocate the growth and stability of community service type organizations,
such as a"family resource center," and civic service organizations, such
as local clubs, through informational and cooperative support when
necessary.
Completed/tn process - Property Managers Coalition, Hopkins
Area Arts Association, Neighborhood Advisory board, Family
Resource Center.
5. Closely examine impacts on city wide image when considering changes in
services which affect the image of the community, i.e., city wide clean-up
programs, etc.
� On-going.
Page 15
6. Prepare a program for implementation of a pedestrian walkway and
bikeway system throughout the City. Incorporate with present plans for
'�
HCRRA property.
Completed/In process - City and HCRRA adopted plan, a portion
of which has been completed.
� 7. Examine development of codes which closely regulate the maintenance of
� commercial properties in the City.
In process - Commercial properties will be affected by
ro osed housin maintenance codes.
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� 8. Maintain and improVe upon communication between City and School
District to develop a team approach toward marketing and improving the
community's image.
In process - Schools & Community In Partnership. City's new
Communication Coordinator position will assist this also.
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; 9. Maintain adequate buffer zones between new commercial development
projects and residential properties.
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Limited progress. �
10. Encourage local organizations to continue, and improve upon the quality of
events and attractions, i.e., Mainstreet Days, Heritage Days, Winterfest,
Raspberry Festival, etc.
On-going.
11. Undertake communication efforts which will help to increase public
awareness between and among the City, businesses, and residents,
involving volunteer networks, and access to the City's cable TV station.
In process - City is hiring a Communications Coordinator.
12. Explore implementing programs to encourage the aesthetic improvement of
private property such as a landscaping award program, and painting
programs for single family properties, together with financial incentives for
undertaking landscaping improvements.
In process - Landscaping Improvement Program.
Completed - Hopkins Community Image Award Program �
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� 13. Develop an information center in Hopkins.
Limited progress.
14. Encourage/promote volunteers as a means to cost effectively improve upon
the City's appearance, e.g., "Adopt-A-Park", "Adopt-A-Street", use of
garden clubs, boy scouts, etc.
On-going.
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Page 17
� Activity/Project: Westbrooke Neighborhood Rehabilitation
Goal Provide a source of financing to assist the various associations in
undertaking needed improvements.
Status/Issues:
o Staff is presently working with both Meadow Creek and Patio Homes to
determine their interest in establishing a special service district to
undertake needed,improvements.
o On December 3rd the Meadow Creek Association voted whether to
support establishment of a special service district. The majority of people
at this meeting did support creation of such a district.
o At the present time it appears that Meadow Creek may be in a position to
undertake improvements in 1995. Anything that occurs with Patio Homes
will probably take place in 1996.
� o A hearing on the actual improvements and the related fee which would be
placed against each unit will need to be held at a future date.
Notes/Comments:
�
JK11304A
� Activity/Project: M. B. Hagen Field
Goal Develop site with a small industrial/office use.
Status/lssues:
o Property presently being offered for sale by the Little League.
o A certain amount of soil correction is required in order to build on this site.
o Frank's Auto Body has expressed a potential interest in constructing a
new facility on this site. They are presently working with a construction
manager to determine the overall feasibility of this project.
o Large portion of the site is located within a flood plain. This limits the
overall building size to approximately 13,000 square feet.
o City assistance may be requested due to soil problems.
� Notes/Comments: .
�
JK11304A
� Activity/Project: Keefe Property �
(Ninth Avenue and First Street North)
Goal Develop the site with small scale office/retail.
Statusllssues:
o The City has provided a loan to pay for the removal of the two structures
that are owned by Mr. Keefe on the southeast corner of 9th Avenue North
and 1 st Street. ,
o Property will be cleared and will be offered for sale by Mr. Keefe.
o Vail Place has made an initial contact with Staff concerning a possible
interest on the site. It would probably require some type of public
assistance to make the project feasible.
Attachment: survey
� 1 /2 Section
Notes/Comments: �
�
JK11304A
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,�.�- P�• � 8125 square feet .
K� Pn�. � 6518.5 square feet
� ��,� , 0 11531.5 square feet
i ��;�-•�„� Q 6600 square feet
� Activity/Project: Commercial Rehab Loan and Facade Grant Program
Goal Encourage upgrading of buildings along or adjacent to Mainstreet by
providing low interest loans or grants.
Status/Issues:
o Currently working with Dale Feste of Feste Automotive to complete
improvements to the former Hopkins Auto Body building. Request is for a
$25,000 loan and a$5,000 facade grant.
o Completed four facade grants for a total of $20,000 for 1994.
o Working on facade grant #5 (Apparelmaster Cleaners) and facade grant
#6 (Feste Automotive).
o Based on recent changes to the guidelines of the loan program, and the
creation of the grant program, new interest and activity has been
stimulated.
•
NoteslComments:
�
JK11304A
� Activity/Project: Sign Grant Program
Goal Encourage improved signage along or adjacent to Mainstreet by providing
grants to eligible businesses.
Status/Issues:
o Completed approximately four sign grants this year.
- Mr. Office
- Rudy Luther
- Books on Main
- Snyder Drug
o Currently working with Best Buy Liquors and Instant Replay Sports.
o An issue which staff has identified relates to the quality of signage which
is being financed. Tighter quality standards will possibly provide for
higher quality signs but may likely result in a decrease in the use of the
� program.
Notes/Comments:
s
JK11304A
� Activity/Project: Landscape LoaniGrant Program
Goal Formulate a program to provide low interest loans or grants to eligible
commercial areas to provide or upgrade landscaping on their property.
Status/Issues:
o Strategic Plan supports this type of activity.
o Began information gathering process to develop program.
o Will be completing draft of program guidelines in early 1995.
o Program is intended to facilitate upgrading of commercial property
through landscaping improvements.
Notes/Comments:
�
�
JK11304A
Activity/Project: Vacant Property, Intersection of Mainstreet/
� Shady Oak Road
Goal Develop with small retail or office use.
Status/lssues:
o Property was recently taken back by the County for nonpayment of taxes.
o The Hitching Post has expressed an interest in building on this site if the
City provides assistance. "
o Number of parking easements on the site make development very difficult.
o County would take a portion of the property when Shady Oak Road is
upgraded.
Attachment Maps
�
Notes/Comments:
�
JK11304A
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6600 SQ. ET. BUILDING
7'OTAL 13,000 SQ. FT.
COlJP1�.lAN 6/27/94
D,�.n�,.. �,��
� EXPENDITURE/REVENUE
PROJECTIONS
TIF DISTRICT 1-1
R�rnINING EXPENDITURES
Suburban Chevrolet Site
6/95 Theatre/Restaurant 1,400,000 (Loan I)
6/95 Theatre/Restaurant 750,000 (Loan II)
6/97 Arts Facility 1,500,000
Total 3,650,000
Bursch Site
6/95 Acquisition 350,000
�
Grocery Store
6/95 Acquisition of front
bldg. 1013 Main 284,000
Commercial Rehab. Program
- $ 50, 000 per year
through 2001 350,000
Administration
- $80,000 per year
through 2001 560,000
Total Proposed Expenditures $5,194,000
� .
_ _ _ -
� Revenue
Available TIF funds 12/94 2,105,000
Future Bond Capacity 1/95 2,500,000
Total Proposed Revenue $4,605,000
Projected Gap � 589,000
ISSUES FOR CONSIDERATION
- Bond Issue capacity based on analysis prepared by
Publicorp. Could vary depending on tax
classification changes, timing of bond issue, and
lowering of CBD tax base due to abatements.
- The available revenues does not include resources in
the Economic Development Fund.
- Additional Tax Increment revenue can be rai`sed by
� either creating a new TIF District on the Suburban
site and/or extending the life of the existing
downtown TIF District. Please note that to extend
the life of the existing TIF District would require
special legislation. However, it does provide the
means to raise siqnificant additional TIF funds.
Staff is interested in discussing this concept with
the City Council.
- Although unlikely, the revenue projections do not
assume the repayment of any of the loans for the
cinema project.
�