Agenda - Council - 07/31/1990 - Special

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E. Open Space to be Created. Any open space within the Development District will be created in accordance with the development controls of the City. F. Public Facilities to be Constructed. Public facilities constructed within the Development District will be financially feasible and compatible with the City's long range development plans. Public improvements constructed or proposed within Development District No. 1 include: ponding for storm water management; soil correction; landscaping; fencing; security lighting; site grading; streets; a well; a water storage facility; extension of water and sanitary sewer to an area designated for industrial use and to an area designated for residential use; street, sewer and water improvements along Front Street and within TIF District No. 2; and park improvements. G. Proposed Reuse of Property. Acquisition of private property within Development District No. I is contemplated for right-of-way purposes in connection with Front Street improvements within TIF District No. 4, and potentially in connection with street and utility improvements within TIF District No. 2. Proposals for the use of property acquired by the City must be consistent with Development Program objectives and financially feasible. Prior to acquisition of any property for reuse by a private developer, the City Council will require a development contract and other guarantees to ensure that sufficient tax increment or other funds will be available to repay the cost associated with the proposed acquisition. It is the intent of the City to negotiate for the acquisition of property whenever possible, but the City will use its powers of eminent domain to acquire property if required. Appropriate restrictions regarding the reuse and redevelopment of property shall be incorporated into any development contract to which the City is a party. H. Development District Financing. Within Development District No. 1, the City has created TIF District No. 1, TIF District No. 2, TIF District No. 4 and TIF District No. 5. The City may create additional TIF Districts to finance development activities within the Development District. Water and sewer, water tower and well costs which have been or will be incurred in TIF District No. 2, as well as the cost of site improvements within TIF District No. 2, will be paid through the pledge of tax increment from TIF District Nos. 1 and 2. In addition, users will be charged for connecting to the system and will pay usual fees and charges associated with use of the system. Site and park improvements in TIF District No. I will be paid through tax increment and, in the case of Flintwood Hills, through special assessments. Commercial site improvements within TIF District No. 4 will be paid through tax increment. Fron Street improvements costs will be paid through tax increment, special assessments, storm water district taxes, and grant monies.