Title
Consider/Discuss/Act on a Policy Regarding the Allocation and Awarding of TIRZ No. 1 Funds, and Accompanying Resolution
Summary
MEETING DATE: September 3, 2014
DEPARTMENT: Development Services - Planning
CONTACT: Matt Robinson, AICP, Planning Manager
Michael Quint, Director of Planning
Barry Shelton, AICP, Interim Assistant City Manager
RECOMMENDED ACTION:
* Approve the proposed policy regarding the allocation and awarding of TIRZ Funds.
ITEM SUMMARY:
* Staff is requesting that the Board consider and act on proposed policies which will guide Staff's recommendations regarding future TIRZ reimbursement and/or grant requests.
* The TIRZ No. 1 Project Plan was adopted in 2010. It specifies the types of projects which warrant TIRZ support and/or participation and also the specific amount in which support should be offered. For example, the TIRZ is expected to generate approximately $91MM during its 30 year term. The approved project plan allocates $85MM for catalyst projects and $3MM for vacant/underutilized site/buildings.
* To date, the TIRZ has agreed to award $200,000 for the Flour Mill project and has awarded $500,000 to the Cotton Mill. The Cotton Mill is identified as a vacant/underutilized site/building and the Flour Mill is identified as both a catalyst project and a vacant/underutilized site/building.
* Going forward, Staff anticipates additional large dollar amount requests for participation; these may significantly impact the TIRZ's ability to fund larger catalyst projects including but not limited to the reconstruction of State Highway 5 (McDonald St.) and the construction of a municipal structured parking facility in Downtown. Knowing this potentially negative impact to the stated goals of the Board and the City Council, Staff recommends that certain limitations be placed on the awarding of TIRZ funds so that participation in larger projects remains possible while healthy reserve balance is simulta...
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