Agenda - Council - 06/14/2022 - Laserfiche WebLink

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all buildings will likely not need to be inspected as you only need to have over 50% of the buildings to be identified as substandard in order to qualify for a redevelopment district. An estimate for this would run between $2000-$251000. Typically a TIF District is not created unless you have a developer or specific project being proposed. Defining the project,project costs, eligible TIF expenses are needed before a district can actually be created. However, in the interim,more work can be done to better define the probability of a building being substandard and to better define the geographical area of a potential TIF District. Items that could be done now include: Interim Phase 2 -Proposed 1. Documenting interest in landowners and business that are looking to sell. 2. Potentially acquiring parcels from willing sellers. 3. When possible, entering building and conducting an inspection and documenting the conditions with LHB , or other TIF professional present Staff is looking for a recommendation from the EDA on how to proceed. Alternatives include,but are not limited to the following. .Recommend that the City proceed with this next interim phase at a not to exceed amount of$25,000. .Recommend that Staff bring this case back for formal recommendation at a future date with additional information. .Recommend that the City not proceed with the study at this time. Funding Source: The funding source would be the EDA Professional Services line item,potentially reimbursed in the future through the establishment of a future TIF District. There are adequate funds in the 2019 EDA Budget to accomplish this task. Recommendation: Staff recommends that the City proceed with Interim Phase 2 to work with owners businesses as opportunities for redevelopment and acquisition present themselves including conducting and documenting internal building inspections when possible, all leading to the a potential for the establishment of a future TIF District. Action: Motion to direct Staff to proceed(or not proceed)with the next Interim Phase 2 of the Tungsten District Redevelopment Study 3 Attachments Riverdale/Tungsten Analysis Form Review Inbox Reviewed By Date Sean Sullivan(Originator) Sean Sullivan 08/29/2019 03:09 PM Brian Hagen Tim Gladhill 09/05/2019 09:53 AM Sean Sullivan(Originator) Sean Sullivan 09/05/2019 09:56 AM Brian Hagen Tim Gladhill 09/05/2019 11:57 AM Form Started By:Sean Sullivan Started On:08/26/2019 10:59 AM Final Approval Date:09/05/2019