Revitalization Commission Agenda and Packet 2019 09 09

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Revitalization Commission Minutes August 12, 2019 Page 2 of 4 Business Matters of Commission • Discussion/Direction of Agreement Regarding Property Tax TIF Revenue Sharing, Highway 42 Revitalization Area City Manager Balser noted staff has been working on this draft agreement with the Fire District. Talking with bond counsel, the bonds take priority so there are no funds from the core area to share with the fire district. There are areas outside the core. Staff is re -looking at this and will need to bring numbers back to the Commission. Attorney Kelly noted with the removal of the core area, the numbers will look different. The agreement will look essentially the same, the underlying numbers will be different. City Manager Balser noted the IGA with the County was before the bond. Attorney Kelly stated the TIF revenue within the core area is pledged toward payment of the bond. Calculation of sharing options needs to be re -figured. City Manager Balser noted staff will continue to work with the Fire District. Agreement will look essentially the same just with the numbers redone. Staff will try to bring back for the September 9 meeting. Fire District originally planned to ask for 3.9 mills increase then decrease 3.8 or 3.75. Since it is unlikely they will have an agreement in place, they will most likely proceed with asking for the 3.9 mills then reduce based on the amount of revenue realized. • Consideration of Approval of Resolution 10-01, Approving an Agreement with Economic and Planning Systems, Inc. for Consulting Services Chairperson Fisher introduced the item and noted it is an agreement for third party review of the financial information provided on the TIF rebate assistance application made by Boulder Creek Builders for the Terraces on Main project. LRC criteria requires third party review. Director Zuccaro noted it will likely take 4-6 weeks to do the review. The company might propose alternatives. City Manager Balser said they do sensitivity analysis. They will work with Boulder Creek. Mayor Pro Tem Lipton asked if they have can provide different scenarios for amount of retail. Director Zuccaro said they will give us some analysis on return on investment. Staff can ask them if they are comfortable to give an opinion based on different scenarios. Mayor Pro Tem Lipton noted there should be some incentive to bring in retail. Commissioner Bradfield thought space for storefronts reduces risk. He thinks there should be some incentive to think about design. 3