Agenda - Council - 02/08/2005 - Laserfiche WebLink

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CALL FOR PUBLIC HEARING oNiREDEVELOPMENT PLAN FOR MUNICIPAL :CENTER ,PROJECT By: DianaLund, Finance Officer Background: At the January 25, 2005, CityCouncil meeting, authorization was given to proceed with the Municipal Center project and tO make a formal request of the Economic Development Authority (EDA) to initiate the bonding process for the project, which would be a lease revenue bond. For the EDA to issue a lease revenue bond on behalf of the City, a Redevelopment plan and the establishment of the redevelopment project area needs to be adopted per State Statutes, Sections 469.001 through 469.047 and 469.090 through 469.1082. This is the same Statutes that the City fotlow~d when a lease revenue bond was issued in 1999 for the Fire Station I project. The EDA met at a special meeting on FebrUary 2, 2005, and took the first step of an outlined process that takes over one month of action between the EDA, City Council and Planning Commission. At this' meeting~ a resolution was adopted that initiated the process for the establishment of a redevelopment plan. A formal adoption of the approval of the redevelopment plan will be placed before the EDA at its regular meeting of March 9, 2005. After the EDA initiates the process for the establishment of a Redevelopment Plan, the next outlined step is 'for the City Council to.adopt a resolution that initiates the process for approval of the redevelopment ProjeCt area and to call for a public hearing on the redevelopment plan. This is the required action being asked for at tonight's meeting. Council Action: Motion to adopt Resolution #05-02-XXX Initiating Process for Approval of Redevelopment Project Area; And Motion to call for a Public hearing on the Redevelopment Plan for March 8, 2005. Reviewed by: City Administrator Asst City Administrator