Agenda - Council Work Session - 01/10/2012

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outside TIF District #14 encompassing The COR and surrounding areas. As noted above, the Developer has stated he believes TIF assistance will be necessary, regardless of a successful CDBG or LCA award, in order to have a successful HTC application. The Developer also seeks to revise the approved site plan to introduce a new floor plan to the development. The Developer states that the existing plat is very limiting. The area is zoned COR-4a, and the Development Guidelines would apply. Copies of three (3) potential site plans are included for the City Council's review. The Developer has provided Staff with samples of other projects it has completed, with photos attached for the City Council's review. In Staffs initial review, the architectural renderings warrant additional review and modification in order to meet the requirements of the Design Guidelines. The Developer has stated he is open to considering other renderings and making certain modifications. The deadline for CDBG funds is January 12th. The Developer was instructed to prepare the necessary background information for the CDBG application, as Staff had not received authorization to seek CDBG funding. If the consensus of the City Council is to authorize staff to submit an application for CDBG, City Staff will complete the remaining, necessary sections of the application. The deadline for LCA funds is anticipated to be on or about May, 2012. Staff will revisit this funding source when the funding cycle is opened for 2012, and bring back a case for consideration by the City Council. The Developer was forwarded a TIF application in the event the Developer decides to proceed forward with said request. While this appears to be a TIF eligible project and Staff is seeking policy input from the City Council as to whether the City is supportive of the request for TIF, other options such as CDBG and LCA funding should be researched further first. Staff is working with the developer to explore options to secure the desired number of points for the HTC Application that may not include TIF assistance. The Developer states it is seeking to secure 2.1% of the total development costs through TIF, abatement, grants, donations, etc. Recommendation: Staff recommends that the City Council provide direction to Staff as to whether the City is interested in participating financially to the Podawiltz development in Town Center Gardens 3rd Addition between $201,000 and $471,000 through TIF, CDBG grants, LCA grants, or other license/fee waivers. Funding Source: Review of the request is being processed as part of regular staff duties. If the Developer decides to proceed forward with a land use application, an escrow will be established to handle costs associated with processing the application in accordance with applicable City Code. Council Action: Based on discussion. Staff is looking for feedback as to the level of participation, if any, the City Council is comfortable with either through grant applications or TIF assistance. The City Council would review the proposed plat/site plan in greater detail if such application is submitted by the Developer. Specifically, Staff is looking for policy feedback on the following: 1. Submittal of CDBG Application 2. Submittal of LCA Application 3. Establishment of TIF District and providing TIF assistance to the proposed project 4. Waiving of application and license fees 5. Fast track approval processes Attachments Site Location Map Background on Section 42 Tax Credit Previous HTC Self Scoring Sheet