Revitalization Commission Agenda and Packet 2019 03 11

Home Browse Search

Revitalization Commission Minutes February 11, 2019 Page 2 of 6 Business Matters of Commission • Resolution 19-01: A Resolution approving the Property Tax Increment Staff presentation Economic Development Director Aaron DeJong gave a presentation on the Terraces on Main Project. The PUD is subject to approval by Council. It is a 22,000 sf office and retail building proposed to be built at 712-722 Main. First floor retail, first and second floor office space, third story rooftop area, 18 parking stalls. Estimated construction cost is $6.6m Planned to go before Council on March 5th (NOTE: After this meeting the date was moved to March 19, 2019). This project is the first application seeking financial direct assistance for redevelopment. The staff analysis concluded the project will remove blight factors, has a positive effect on property values, and advances the goals the Urban Renewal Area. The project shows the assistance is needed to achieve a reasonable financial return. The LRC directed staff to prepare and agreement for LRC review. Main Terms of the TIF Rebate Agreement - Developer will need CO from City - Once project is complete the LRC will begin making annual TIF rebate payments to developer equal to 90% of the increased taxes paid on property, less other defined LRC financial obligations - Total payment of $1,110,000 - Rebate Agreement terminates on February 18, 2023 if the project is not completed. Staff recommends approval by LRC of Resolution 19-01 for Terraces on Main TIF Rebate Agreement. Public Comments None Commissioner Questions and Comments Gorsevski asked about parking. Original plan was to do split level parking providing 35 spaces. Current parking is 18 spaces Tofte — if property is sold within 10 years, rebate can be assigned? Yes Fisher — first direct financial assistance request? Yes.