Title
Consider and Discuss the Draft Construction Cost Reimbursement Application Packet and Related Process
Summary
MEETING DATE: March 17, 2014
DEPARTMENT: Development Services - Planning
CONTACT: Michael Quint, Director of Planning
Matt Robinson, AICP, Planning Manager
Barry Shelton, AICP, Executive Director of Development Services
RECOMMENDED ACTION:
· Consider, discuss, and provide feedback on the proposed reimbursement application packet and related process.
ITEM SUMMARY:
· When Tax Increment Reinvestment Zone (TIRZ) no. 1 was established in 2010, there was limited consideration of a process which someone could follow in order to apply for construction costs reimbursement. More specifically, while the TIRZ was established and the TIRZ Board was created, a formalized application and related process for which reimbursement from available fund balances could be requested was not established. Because of this fact, requesting reimbursement has been confusing, disorganized and extremely cumbersome.
· The attached application packet is Staff's attempt to fill this existing void and to establish a formalized process for which applicants may request reimbursement for eligible construction costs as specified in the approved project plan.
· Staff wishes to discuss this draft application packet and its related process with the Board and welcomes any feedback or requested modifications.
BACKGROUND INFORMATION:
· Because the Planning Department handles development applications on a daily basis, Staff felt it appropriate that TIRZ reimbursement applications originate with the Planning Department but maintain close coordination with members of the Development Services Division, the Finance Department, and the City Manager's Office.
· Day to day management of existing and projected TIRZ no. 1 fund balances will be managed by the Planning Department (Matt Robinson, AICP, Planning Manager) but will be verified and audited by the Finance Department. As such, future annual budget presentations will be a coordinated effort between the Planning and Finance Departments.
FINANCIAL SUMMARY:
· None.