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Date
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September 24, 2007
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Agenda
Item No. 65 Roll
Call No. 07- Communication No. 07-
579 Submitted by: Richard A. Clark, City Manager |
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AGENDA
HEADING:
Setting Date of
Hearing and authorizing various related actions on the Beaverdale Commercial
Area Urban Renewal Plan (11-19-07)
SYNOPSIS:
Approval
of setting the date of public hearing for November
19, 2007 on the creation of a new urban renewal area and tax increment
district for the Beaverdale commercial area along
This action also directs that future actions be undertaken including the required tax increment consultation meeting, publication of the public hearing notice and referral to the Plan and Zoning Commission for review and recommendation on the conformance of the proposed urban renewal plan’s land uses with the City’s Comprehensive Plan. The action also directs the Urban Design Review Board to review the proposed plan and make its recommendation to the Council.
FISCAL
IMPACT:
The tax increment funding (TIF) for this area will be disbursed on a cash-available basis. All development agreements using TIF assistance will be based on annual payments and the property tax revenues produced by new development. The specific developer agreements must be approved by the City Council. (See the “Additional Information” portion of this communication for proposed developer agreements.)
The Council has previously adopted a policy that the City may expend up to 75% of the annual aggregated tax increment revenues generated after January 1, 1996; the unexpended increment revenues will be available for distribution to the various property taxing entities. Based upon estimated TIF revenues from the Beaverdale Commercial Urban Renewal Area, an additional $10,000 for the first year to $88,000 in the final year would need to be allocated to other taxing entities from the overall TIF revenues derived from all urban renewal areas to meet this 75%/25% policy.
Funding
Sources: Cash available from the TIF for ten years
from FY08/09 to FY2017/2018; the estimated net annual cash available to the
City ranges from about $40,000 initially to about $300,000 by FY2017/2018 after
payments for the Joe’s Square and Rice property developments are made.
Other: State urban renewal law requires the provision
of financial assistance to low/moderate income (LMI) housing, based on a
specified percentage of LMI within a county when TIF is used for public
improvements related to residential development in an economic development-based
urban renewal area. This provision does
not apply to urban renewal areas that are designated on the basis of slum and
blight. Since TIF may be used for such
improvements in the Beaverdale Commercial
Urban Renewal Area, the state-specified LMI of 39.7% will require an annual
commitment for LMI housing in an amount ranging from about $37,000-$220,000
annually. The City will meet this State
requirement within its annual allocation of discretionary funding to the
Neighborhood Development Corporation, Neighborhood Finance Corporation, Polk
County Housing Trust and/or Community Development Block Grant.
ADDITIONAL
INFORMATION:
Duration
The urban plan and tax increment
designation will extend for a period of ten years following the initial TIF
certification. The purpose of designating this
retail/commercial corridor as urban renewal areas is to encourage retail and
commercial development. The concurrent TIF
designation provides a funding source to assist public and private projects.
Development Requirements in the Urban
Renewal Plan
The Beaverdale
Urban Renewal Plan contains several development requirements that must be met
by projects in order to qualify for use of TIF. These conditions are contained
in Section II.C (General Development Requirements) of the Plan and have been
generated in part to address the Council’s previously stated desire for Beaverdale
projects using City assistance to be “green”:
All development projects in this urban renewal area requesting
TIF assistance are required to undergo review and recommendation from the Urban
Design Review Board. The design criteria
the Board shall evaluate for making recommendations on design of projects
requesting TIF are, but not limited to:
·
How detail is handled on the individual project in terms of scale,
proportion, color, articulation, massing, patterning, setbacks and exterior
materials.[1] Details
that add character and define depth by adding a richness to the large and small
scale elements are desired.
·
How the project promotes Beaverdale livability and works on a
pedestrian scale by providing an attractive and appealing physical environment
for residents and respects the neighborhood’s character, design and historic
features while creating attractive live/work/play environments.
·
How sustainability is incorporated in the project building and site
plans based on reducing environmental impact in the selection of construction
materials and internal systems such as energy, lighting, heating and
ventilation, siting and landscaping.
·
How the project promotes efficient utilization of existing
infrastructure and deployment of effective private stormwater management.
·
How the project advances accessibility with a choice of transportation
options so functions can be easily reached from inside and outside the area
through the installation of walkways, bike racks, bus stops, etc.
Development Agreements
Initial
projections, based on the two proposed development plans (Joe’s Square at
PREVIOUS
COUNCIL ACTION(S):
Date: August
20, 2007
Roll Call Number: 07-1678
Action: Receive
and file communication from Office of Economic Development regarding
preliminary terms of agreement with Joe’s Square LLC for development of
mixed-use project at
Date:
March 26, 2007
Roll Call
Number: 07-579
thru 07-581
Action: On
request from Joe’s Square, LLC, to rezone property at
(A) First
consideration of ordinance
above. Moved by Vlassis that this
ordinance be considered and given first vote for passage. Motion Carried 7-0.
(B) Final
consideration of ordinance above,
(waiver requested by applicant), requires 6 votes. Moved by Vlassis that the
rule requiring that an ordinance must be considered and voted on for passage at
two Council meetings prior to the meeting at which it is to be finally passed
be suspended, that the ordinance be placed upon its final passage and that the
ordinance do now pass, #14,638.. Motion Carried 7-0.
Date:
March 12, 2007
Roll Call
Number: 07-455
Action: On request from Joe’s Square, LLC, to rezone
property at 4049 Fagen Drive from “C-2” (General Retail and Highway Oriented
Commercial) to “NPC” (Neighborhood Pedestrian Commercial) to allow for mixed-use
pedestrian-oriented redevelopment, (3-26-07).
Moved by Mahaffey to adopt.
Motion Carried 6-1.
Date:
November 6, 2006
Roll Call
Number: 06-2248
Action: Communication
from William J. Lillis requesting City Council to consider initiating a Tax
Increment Financing (TIF) District in the Beaverdale area. SPONSORS:
Coleman and Vlassis. Moved by
Vlassis to refer to City Manager for review and recommendation. Motion Carried 6-0.
BOARD/COMMISSION
ACTION(S): Plan and Zoning Commission
Date:
March 1, 2007
Roll Call
Number: N/A
Action: Plan and Zoning Commission recommends
approval of a request from Joes’s Square, LLC to rezone property located at
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS:
Urban Design Review Board to review the proposed urban renewal plan.
(10-16-07)
The Plan and Zoning Commission to review the urban renewal plan’s
conformance with the City’s Comprehensive Plan. (10-18-07)
Public Hearing on Beaverdale
Commercial Area Urban Renewal Plan (11-19-07)