Agenda - Council - 07/22/1986 - Laserfiche WebLink

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5 lqinutes CASE $5: REQUEST FOR CIT~ PARTICIPATION (TAX INCI.~,ENT FUNDS) IN LIVER'S BEND PLAZA F,U,D,; CASE OF ~l. RICE FOSTER By: Anne Morris, Community Developnent Director Background: Hr. Rick Foster is requesting City participation in the form of tax increment funds to assist in site improvements (site preparation, landscaping, storm water smnagement, turn lanes, lightint, construction of Xkimo Street NWa Class V material and construction of curb and gutter) for the River's Bend Plaza P.U.D. plat. Mr. Foster is requesting that the City participate in approximately ~173,000 of site improvements. According to the City's policy regarding City participation using tax increment funds, the Council reviews all such requests with respect to: -- l~ecom~endations from the Planning and Zoning and Economic Development Co~aissions: -consistency with the City's Cemprehensive Plan -appropriate with the City's Zoning Ordinance -provides for increase in full-time e~ployment opportunities in the City -alloys for future develolxnent in the area -increases the tax base of the City -- Will the request bene£it the City as a whole? -- Will the request encourage other private development of the area? -- Is the success of this project dependent on City participation? ~nclosed for your information are the following items: a) Letter fro~ Hr. Tom Lund b) Proposed site plan of River's Bend Plaza Observations: According to existing legislation, the City's bond counsel has determined that the City may use tax increment funds to participate in site improvements. However, bond counsel advised that the City's development program for tax increment financing would need to be modified to allow for such improvements. In addition, bond counsel recommended that the City add the River's Bend Plaza plat to the tax increment district to capture increment from this plat. As you recall, in Hay 1986 the City Council approved a request to use tax increment funds to participate in site improvements (soil corrections and dewatering) for the Flintwood Hills Third Addition project. In accordance with the City's policy, the Planning and Zoning Coamission and Economic Development Commission will be reviewing this request on July 22, 1986. Their recommendations will be available at the meetin§. Recommendation: If Council determines that Hr. Foster's request meets the above criteria regardin~ the need for City participation, the following motion is provided. If Council determines that Mr. Foster's request does not meet the criteria, then no action is necessary.