City Council Minutes 2015 08 18 - Laserfiche WebLink

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City Council Meeting Minutes August 18, 2015 Page 10 of 18 generate the revenue needed for full maintenance (Potholes, cracked parking curbs, and other signs of lower maintenance levels are evident). Blighting factors continue to limit potential for redevelopment or re- tenanting the building. The Urban Renewal Plan outlines the tools available to address the blighting factors. Approving a plan must follow rules in state statute. The Planning Commission reviewed the conformity with the Comprehensive Plan. Mr. DeJong reviewed various provisions of the UR Plan. Power of Eminent Domain: The UR Plan authorizes LRC to use eminent domain only as authorized by the Urban Renewal Law to alleviate qualifying conditions; only for property within the Urban Renewal Area and only after affirmative 2/3rds vote by the City Council. Redevelopment Agreements: The LRC is authorized to negotiate and enter into redevelopment and cooperation agreements. The LRC will develop a process to evaluate redevelopment agreements. UR Plan Tools for LRC: Develop and approve a project description; Issue RFP to solicit proposals for redevelopment (such proposals could come from any interested parties including the property owner, interested retailers and/or developers); negotiate a proposed redevelopment agreement and submit the proposed redevelopment agreement to City Council for approval and if approved by City Council, execute the redevelopment agreement. Elements of an RFP: An RFP would ask for proposals specifying: Improvements planned for the site; proposed uses and activities; time frames for completing the proposed redevelopment actions; requested City financial assistance, if any, such as sales tax rebates; how costs (including potential legal costs) would be financed. The UR Plan Does Not: Authorize use of tax increment financing pursuant to Section 31 -25- 107(9), C.R.S.. and the use of tax increment financing within the Plan Area can only be authorized by amendment to this Plan. This Plan does not change the allowed uses of the property or approve any redevelopment plans. Change of use and redevelopments must go through the City's approval processes. He outlined options to address continued vacancy at 550 S. McCaslin 1) Continue to encourage property owners to resolve issues; expect private parties to identify a use for the existing building that complies with existing zoning and satisfies the private restrictive covenants, either in their current form or though covenant changes agreed on by the private owners. 2) Consider rezoning the property to allow for a wider range of uses beyond what is currently allowed. Rezoning may be initiated by the Owner, Planning Commission, or City Council. Rezonings are subject to separate public hearing procedures and would