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Revitalization Commission 2019 4 <br />My understanding of the Highway 452 Revitalization Project is based on five documents: <br />Conditions Survey (2006) <br />— Analysis of conditions undertake to determine if blight was present in the area and if the area <br />was eligible for an unban renewal grant. <br />— The goal of the study was to determine if the City would be allowed, through the LRC, to <br />assist in redevelopment of properties and improvements within the defined boundaries. <br />— Nine conditions of bight were found within the study area and the area was determined to be <br />an urban renewal zone. <br />Cooperation Agreement (2006) <br />— Agreement between the City and the LRC, <br />— The LRC was authorized to transact business and exercise powers as an Urban Renewal <br />Authority_ <br />—Cooperation between the entities with regard to operating funds, support services, and the <br />oversight of annual budgeting, <br />— Funding is approved by Council <br />—Council provides direction and oversight for expenditures outside of the budget, issuing of <br />bonds, allocation of sales tax increments, and redevelopment agreements. <br />— The City and the LRC cooperate to implement the Urban Renewal Plan approved by the <br />Council but the Council and the LRC are separate legal entities_ <br />Urban Renewal Plan (2006) <br />— Tasked to reduce, prevent, and eliminate the spread of blight and to stimulate growth and <br />investment in the study area. <br />— Furthers the goals and objectives of the Comprehensive Plan, the Highway 42 Plan, and <br />other relevant policy documents <br />— Improvement of existing structures and infrastructure and prevention of deterioration. <br />Bylaws (2007) <br />Market Study (2008) <br />— Conducted once the Urban Renewal Authority with the potential to generate income had <br />been created. <br />Additionally —Tax Increment Financing: <br />— A funding mechanism that is being used to fund improvements in the study area. <br />—TIF dollars can only be used within the urban renewal area. <br />— Net tax revenues are generated by projects in the area. They are used to help fund future <br />improvements. <br />— Calculated by analyzing the amount of additional sales tax and/or property tax that could be <br />generated upon completion of improvements. <br />— Can be used to finance bonds or to reimburse developers for a portion of project costs. <br />— New tax revenue is to be used for improvements that have a public benefit and that support <br />the redevelopment effort. <br />— TIF money can only be used when the area cannot be redeveloped without public investment <br />and when it meets a public objective. Fills gap between project cost and private funding. <br />28 <br />