Revitalization Commission Agenda and Packet 2023 07 12

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Revitalization Commission Minutes June 14, 2023 Page 4 of 8 Chair Adler closed the public Hearing at 8:42 a.m. Chair Adler made a motion to adopt the resolution. Commissioner Harald seconded. Roll call vote: unanimously approved. Discussion: LRC Information and TIF Expenditure Deadline The EV Manager addressed questions posed at the last meeting by Mr. Kranzdorf related to HWY 42 revitalization, expenditure period, length of time LRC will remain active. A staff report was provided to the LRC in answer to these questions. The EV Manager reviewed the history of the URA (now designated LRC), how it is funded, it's role and responsibilities, City Council oversight and the length of term of the LRC. The LRC is not required to spend all TIF revenues; however, funds will need to pledged during the URA period. Projects can continue beyond the end of the TIF period using pledged funds. Any tax increment unpledged must be returned to taxing entities based on previous years' rates. Lexi noted that Graham had a great idea of redeveloping Steinbach and front street for the benefit of the community. EV Mgr — at next meeting we should discuss what LRC wants to do. Trestle recently went through the same evaluation with Parker to identify investment costs and redevelopment potential to develop a strategy. Commissioner Comments: Commissioner Williams suggested the LRC consider purchasing historical buildings downtown to revitalize the community. The EV Manager noted that the DCI report included site purchase options. The City Attorney added that the Urban Renewal Act requires the LRC to convey any purchased property to another party or developer as soon as practicable. Commissioner Iglesias asked if LRC purchases the buildings, who is responsible for leasing the spaces to businesses. The EV Manager noted that there are a lot of expenses related to purchasing, renovating or redeveloping and reselling property. Councilmember Leh asked the City Attorney if he agreed with the information provided about the TIF expenditure deadline. The City Attorney confirmed that what was presented was accurate. Related to the purchase of property, Councilmember Leh noted that it's important to engage professionals to help evaluate this kind of step and cautioned that the procurement and improvement of property takes analysis and careful planning. Also, in the council context, and possibly under broader rules for LRC this is the kind of topic that could appropriately be the subject of an executive session. Under the rules of charter, we have opportunities under open meetings to be able to do this and there are strategic values to this approach in evaluating Commissioner Williams' suggestion to purchase property. The Director of Community Development noted that City Staff have discussed the issue of the amount of money the LRC has to spend and the most effective ways to utilize it for the community. He suggested it might be useful for LRC to have a long-term financial discussion and noted that there is a lot of infrastructure projects LRC could contribute to, such as Agenda Packet P. 6