Agenda - Council - 03/08/2005 - Laserfiche WebLink

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PUBLIC HEARING ON REDEVELOPMENT PLAN FOR MUNICIPAL CENTER PROJECT BY: Diana Lund, Finance Officer Background: At the January 25, 2005, City COunCil meeting; authorization was given to proceed with the Municipal Center project and to makea formal request of the Economic Development Authority (EDA) to initiate the-bondinglprocess for the project, which would be a lease revenue bond in an amount nOt to exceed $19,200,000. For the EDA to issue a lease revenUe ~bohd on behalf of the City, a Redevelopment plan and the establishment of the radevelopmem:project area needs to be adopted per State Statutes, Sections 469.001 through 469.047(HOusing and Redevelopment Authority Act) which grants municipalities the authority todeSignate redevelopment areas within the boundaries of the municipalities. Within these:areas, the municipality may adopt a redevelopment plan and establish a Project consistent with the municipality's public purpose. These are the same Statutes that the City followed when a lease revenue bond was issued in 1999 for the Fire StatiOn I~prOject. To develop a redevelopment plan for the Municipal Center project, the City and the EDA must make the following findings: The land in the redeVelopmentiareawould not be available for redevelopment without the financial aid sought. The redeVelopment plan for the redevelopment area in the City will afford maximum opportunity consistent with the needs of the locality as a whole, for the redevelopment Of the area by private enterprise. The redevelopment plan conforms to the general plan for development of the City as a whole. : On February 2, 2005, the EDA held a special meeting to adopt a Resolution initiating process for establishment ora redevelopment Plan and at its regular meeting of February 8, 2005, City Council:adopted a ?esolUtion initiating process for approval of the redevelopment project area and callediforaPublic hearing on the redevelopment plan. The EDA will be asked to adopt a resolution apProving the redevelopment project area and plan at its regular meeting Of March 9; 2005. Council Action: Motion to adopt Resolution #05-03,XXX approving redevelopment project area and plan.