HomeMy WebLinkAbout2013-06-12 HEDC Packet
AGENDA
CITY OF MAPLEWOOD
HOUSINGAND ECONOMIC DEVELOPMENT COMMISSION
Wednesday,June 12, 2013
7:00P.M.
Council Chambers -Maplewood City Hall
1830 County Road B East
1.Call to Order
2.Roll Call
3.Approval of Agenda
4.Approval ofMinutes:
a.May 8, 2013
5.NewBusiness:
a.Review of Proposed 3M TIF District
b.2014-2018 CIP Plan Review and Debt Analysis
6.UnfinishedBusiness:
7.Visitor Presentations:
8.CommissionPresentations:
9.Staff Presentations:
a.Development Summary(No Report)
10.Adjourn
MINUTES OF THE HOUSING AND ECONOMIC DEVELOPMENT COMMISSION
1830 COUNTY ROAD B EAST, MAPLEWOOD, MINNESOTA
7:00 P.M., WEDNESDAY,MAY 8, 2013
1.CALL TO ORDER
A meeting of the Commissionwas held in the City Hall Council Chambers and was called to order
at7:00p.m.byChairperson Ulrich.
2.ROLL CALL
Commissioners
Absent
Gary Kloncz, Commissioner
Mark Jenkins, CommissionerPresent
Jennifer Lewis, CommissionerPresent
Joy Tkachuck, CommissionerPresent
Beth Ulrich, ChairpersonPresent
Dennis Unger, CommissionerPresent
Warren Wessel, CommissionerPresent
Staff
Michael Martin, Planner
3.APPROVAL OF AGENDA
CommissionerJenkinsmoved to approve the agenda as submitted.
Seconded by CommissionerWessel.Ayes –All
The motion passed.
4.APPROVAL OF MINUTES
CommissionerJenkinsmoved to approve the minutesforApril 10,2013.
Seconded by CommissionerUnger.Ayes –Chairperson Ulrich,
Commissioner’s Jenkins,
Lewis, Unger, & Wessel
Abstention –Commissioner Tkachuck
The motion passed.
5.NEW BUSINESS
a.Review of Adopted Gladstone Neighborhood Master Plan
i.Planner, Mike Martin gaveapresentation on the Gladstone neighborhood master plan
and answered questions of the commission.
No action was required.
May 8, 2013 1
Housing and Economic Development CommissionMeetingMinutes
b.Review of Updated Market Study for Gladstone Neighborhood
i.Planner, Mike Martin gave the presentation on the market study for the Gladstone
neighborhood and answered questions of the commission.
No actionwas required.
c.Potential Redevelopment of Maplewood Bowl Site, 1955 English Street
i.Planner, Mike Martin gave the presentation and answered questions of the commission.
ii.Project Manager, Andrew Hughes, with Sherman Associates, addressed and answered
questions of the commission.
iii.Project Architect, Enrico Williams, with Kaas Wilson Architects, addressedand answered
questions of the commission.
The chair recognized Maplewood resident and Maplewood business owner, Diana Longrie, 1771
Burr, Maplewood to address the commission regarding this report and the TIF financing in the
staff report.
Commissioner Jenkins moved to support that the city council consider approval of a financial
assistance mechanism, such as, but not limited to, tax-increment financing(TIF) to assist in the
redevelopment of the Maplewood Bowl site. Approval should only be granted after the city’s
financial consultants have done athorough review of any finances involved with the project.
Seconded by Commissioner Unger.Ayes –All
The motion passed.
6.UNFINISHED BUSINESS
None.
7.VISITOR PRESENTATIONS
None.
8.COMMISSIONPRESENTATIONS
The chair recognized the passing of Gary Pearson who served on the HRA and Planning
Commission. The commission had great memories of Gary and he will be greatly missed.
9.STAFF PRESENTATIONS
a.Development Summary
–Planner, Martin presentedthe latest updates and developments in
the city.
10.ADJOURNMENT
Chairperson Ulrichadjourned the meeting at 8:19p.m.
May 8, 2013 2
Housing and Economic Development CommissionMeetingMinutes
MEMORANDUM
TO:James Antonen, City Manager
FROM:Michael Martin, AICP, Planner
Review of Proposed 3M TIF District
SUBJECT:
DATE:June 6, 2013
INTRODUCTION
The City and 3M have been working on the adoption of special legislation granting the City the
authority to create a 3M Renovation and Retention Project Area. The special legislation was
recently adopted by the Legislature and signed into law by the Governor. Now that the special
legislation has been adopted,the City and 3M have begun the process of creating a TIF District
to assist with the development of the company’s new Research and Developmentfacility.
DISCUSSION
Tom Denaway of Springsted, the city’s financial consultant,has prepared a report outlining and
explaining 3M’s TIF request. The report is attached tothis memo. The housing and economic
development commission (HEDC) should review Mr. Denaway’s report prior to the June 12,
2013 meeting. The HEDC will be asked to provide a recommendation to the city council on the
proposed TIF.
RECOMMENDATION
Consider recommending approval so the proposed TIF district at the 3M Center for the
development of the company’s new Research and Developmentfacility.
Attachments
1.Preliminary Concept Site Plan
2.Springsted Report, dated June 5, 2013
Attachment 2
Springsted Incorporated
380 Jackson Street, Suite 300
Saint Paul, MN 55101-2887
Tel: 651-223-3000
Fax: 651-223-3002
www.springsted.com
MEMORANDUM
TO: Maplewood Housing and Economic Development Commission
FROM: Terri Heaton, Vice-President
Tom Denaway, Analyst
DATE: June 5, 2013
SUBJECT: Overview of Proposed 3M TIF District
-RXVSHYGXMSR
The City and 3M have been working on the adoption of special legislation granting the City the authority to create a
3M Renovation and Retention Project Area. The special legislation was recently adopted by the Legislature and
signed into law by the Governor. Now that the special legislation has been adopted the City and 3M have begun the
process of creating a TIF District to assist with the development of the company’s new Research and Development
(R&D) facility. A TIF plan for the new District is currently being drafted, along with a draft development agreement.
The purpose of this memorandum is to outline the special legislation, detail the terms of the current R&D TIF District,
and outline the revenue projections for the District.
7TIGMEP0IKMWPEXMSR
The City and 3M worked together to receive special legislation from the State to create one or more TIF Districts
within the 3M Renovation and Retention Project Area. The boundaries of the Project Area are the current 3M
campus parcel and adjoining right of way. TIF Districts created within this project area will be 25-year redevelopment
TIF Districts, which will be exempt from the standard blight finding as provided by the legislation. The legislation
provides the authority to create one or more TIF Districts within the project area until December 31, 2018.
The legislation requires that 100% of the tax increment generated by the new TIF Districts be spent within the
boundaries of the Project Area. As a result of the legislation not requiring a finding of blight, the legislation exempts
the Districts from the requirement that 90% of TIF revenues be used for the remediation of costs leading to the
finding of blight. Additionally, the legislation granted an extension of the 5-year rule to a period of 10-years, allowing
the City to enter into new obligations within the TIF Districts for a period of 10-years following certification of the
Districts.
Attachment 2
City of Maplewood
June 5, 2013
Page 2
The current 3M campus, and the corresponding Project Area, consists of a single parcel number 362922240002. In
order to avoid freezing the entire 3M campus as the base value of a TIF District, any new TIF District generated
within the project area will consist of new parcels subdivided from the current single campus parcel. This will allow
the main 3M campus to remain outside of a TIF District and for its value to fluctuate based on current market
conditions.
8-*(MWXVMGX16IWIEVGLERH(IZIPSTQIRX4VSNIGXz(IZIPSTQIRX%KVIIQIRX8IVQW
Now that the special legislation has been approved by the Legislature, the City is in the process of creating TIF
District 1-12 to assist 3M with the development of the new R&D Lab Facility. The TIF Plan for the District is currently
being drafted along with a Tax Increment Financing Development Agreement. The City Staff and 3M have been in
the process of negotiating on the terms of the deal which are outlined in a draft Development Agreement. Outlined
below are the points on which City Staff and 3M have been negotiating in regards to the proposed TIF District 1-12:
Capture of TIF Revenue from Fiscal Disparity: When a TIF District is created an election can be made by the City to
capture the incremental value growth generated by the Fiscal Disparity portion of the tax capacity of a parcel. The
City can elect to capture this portion of tax capacity as TIF, and make the contribution to the Fiscal Disparity pool
from outside of the TIF District. The election to make the contribution from outside of the TIF District results in
greater TIF revenue, and potentially has a modest impact on the general taxable market value on which the general
fund levy is spread. Conversely, the City may elect to make the contribution from inside of the TIF District, which
results in lower TIF revenue with no no potential impact on the levy. During the life of a TIF District the City has the
ability to change the election one time, and only in circumstances where the election is going from outside of the
District to inside the District.
The current draft Development Agreement allows for the contribution to be made outside of the District, on the
contingency that 3M continue to invest in its campus. If by December 31, 2019, the company has not obtained one
or more building permits with a total minimum value of not less than $50,000,000 (not including the R&D Building and
routine maintenance), the City will change the fiscal disparity election to be made from within the TIF District. This
term in the draft Agreement ties the generation of additional TIF revenue from the Fiscal Disparity portion to
additional investment in the campus by the company.
The current draft Agreement allows for the City to capture 20% of the tax increment
City Pooling Percentage:
generated for either eligible expenditures within the project area, or administrative purposes. The City intends to use
a portion of this revenue to fund approximately $1.0M of City initiated TIF eligible site work and infrastructure
improvements on property located within the Project Area. Additional TIF eligible improvements may be funded in
the future from captured TIF funds as they are available.
The draft Agreement contemplates the City entering issuing a pay-as-you-go note to the
Pay-As-You-Go Note:
company in a principal amount of $9,568,000. The note will be repaid over the life of the District at an annual non-
Attachment 2
City of Maplewood
June 5, 2013
Page 3
compounding interest rate of 5%; the note will be repaid solely by 80% of the Tax Increment generated by the
District. The principal amount of the note is based on the TIF revenue projections outlined below.
Development Fees: While not detailed in the draft Tax Increment Financing Development Agreement, the City has
also negotiated with the company that all building and planning permit fees will be paid for the facility, including a
park dedication fee of $285,000.
8-*(MWXVMGX(IZIPSTQIRX%WWYQTXMSRW
The assumptions outlined below were used in the creation of the TIF revenue projections for the proposed TIF
District 1-12. The revenue assumptions are based on development terms outlined above and base assumptions
regarding timing and value provided by the company.
R&D Building Build-Out:
Value Constructed 2013: $6,000,000
Value Constructed 2014: $6,000,000
Value Constructed 2015: $12,720,000
Total Value Constructed: $24,720,000
Inflation: These revenue projections are a based on a 2% inflation assumption.
Base Value: The proposed R&D facility is to be developed on a parcel that is currently undefined, as it is in the
process of being subdivided out of the single campus parcel. As a result the base value of the R&D parcel is
unknown, and therefore the revenue projections are based on the market value generated by the R&D building only
and the revenue projections are not assuming a base frozen value. The increment is projected based only on the
capture of the increased market value resulting from the proposed vertical construction.
Fiscal Disparity Sharing Factor Pay2013: Fiscal Disparity Contribution will be made from outside of the TIF District,
resulting in greater TIF revenue.
TIF Eligible Tax Rate Pay 2013:
City: 48.659%
County: 65.240%
School District: 32.552%
Miscellaneous: 11.520%
Total Tax Rate: 157.972%
Attachment 2
City of Maplewood
June 5, 2013
Page 4
City Admin and Pooling Percentage: - We have assumed a total City retainage of 20% for pooling and administrative
purposes.
8-*4E]%W=SY+S2SXI%QSYRXERH'MX]*YRHMRK'ETEGMX]
We have estimated the maximum funding capacity of the City retaining 20% of the increment for the full 26-year term
of the TIF district based on a net present value interest rate of 5%.
Additionally, we have calculated a pay-as-you-go note report illustrating the potential principal amount and repayment
schedule of a pay-go note to 3M. This note is based on 80% of the annual increment being available during the 26-
year term of the District; with first receipt projected for Pay2015 and final receipt projected for Pay2040. The interest
on the note is to be accrued at a non-compounding annual rate of 5%.
Scenario26-Year Term
Projected Built-Out: R&D Building Only
Outside
Fiscal Disparity Contrib. From District
Percentage of Revenues available for City 20%
Gross revenue of City Retainage$4,918,342
NPV of City Retainage
$2,379,619
(5% Interest)
3M Percentage 80%
Gross revenue of 3M retainage $19,673,354
$9,568,000
Pay-Go Principal Amount (5% Interest Rate)
.
Attachment 2
Attachment 2
City of Maplewood
June 5, 2013
Page 6
Projected Pay-As-You-Go Note Report
City of Maplewood, Minnesota
Tax Increment Financing (Redevelopment) District No.
Proposed 3M Redevelopment Project
R&D Only - Full Term - FD Outside - 80% Captured
Note Date:06/30/13
Note Rate:5.00%
Amount:$9,568,000
CumulativeUnpaidSemi-Annual Loan
Interest AccruedNetBalance
DatePrincipalInterestP & IDueInterestRevenueOutstanding
(1)(2)(3)(4)(5)(6)(7)(8)
9,568,000.00
08/01/130.000.000.0041,195.5641,195.560.009,568,000.00
02/01/140.000.000.00280,395.56280,395.560.009,568,000.00
08/01/140.000.000.00519,595.56519,595.560.009,568,000.00
02/01/150.000.000.00758,795.56758,795.560.009,568,000.00
08/01/150.0075,553.0075,553.00997,995.56922,442.5675,553.009,568,000.00
02/01/160.0075,553.0075,553.001,161,642.561,086,089.5675,553.009,568,000.00
08/01/160.00152,617.00152,617.001,325,289.561,172,672.56152,617.009,568,000.00
02/01/170.00152,617.00152,617.001,411,872.561,259,255.56152,617.009,568,000.00
08/01/170.00315,842.00315,842.001,498,455.561,182,613.56315,842.009,568,000.00
02/01/180.00315,842.00315,842.001,421,813.561,105,971.56315,842.009,568,000.00
08/01/180.00322,159.00322,159.001,345,171.561,023,012.56322,159.009,568,000.00
02/01/190.00322,159.00322,159.001,262,212.56940,053.56322,159.009,568,000.00
08/01/190.00328,602.50328,602.501,179,253.56850,651.06328,602.509,568,000.00
02/01/200.00328,602.50328,602.501,089,851.06761,248.56328,602.509,568,000.00
08/01/200.00335,174.50335,174.501,000,448.56665,274.06335,174.509,568,000.00
02/01/210.00335,174.50335,174.50904,474.06569,299.56335,174.509,568,000.00
08/01/210.00341,877.50341,877.50808,499.56466,622.06341,877.509,568,000.00
02/01/220.00341,877.50341,877.50705,822.06363,944.56341,877.509,568,000.00
08/01/220.00348,715.00348,715.00603,144.56254,429.56348,715.009,568,000.00
02/01/230.00348,715.00348,715.00493,629.56144,914.56348,715.009,568,000.00
08/01/230.00355,689.50355,689.50384,114.5628,425.06355,689.509,568,000.00
02/01/2488,064.44267,625.06355,689.50267,625.060.00355,689.509,479,935.56
08/01/24125,805.11236,998.39362,803.50236,998.390.00362,803.509,354,130.45
02/01/25128,950.24233,853.26362,803.50233,853.260.00362,803.509,225,180.21
08/01/25139,429.49230,629.51370,059.00230,629.510.00370,059.009,085,750.72
02/01/26142,915.23227,143.77370,059.00227,143.770.00370,059.008,942,835.49
08/01/26153,890.11223,570.89377,461.00223,570.890.00377,461.008,788,945.38
02/01/27157,737.37219,723.63377,461.00219,723.630.00377,461.008,631,208.01
08/01/27169,229.30215,780.20385,009.50215,780.200.00385,009.508,461,978.71
02/01/28173,460.03211,549.47385,009.50211,549.470.00385,009.508,288,518.68
08/01/28185,497.03207,212.97392,710.00207,212.970.00392,710.008,103,021.65
02/01/29190,134.46202,575.54392,710.00202,575.540.00392,710.007,912,887.19
08/01/29202,742.32197,822.18400,564.50197,822.180.00400,564.507,710,144.87
02/01/30207,810.88192,753.62400,564.50192,753.620.00400,564.507,502,333.99
08/01/30221,017.15187,558.35408,575.50187,558.350.00408,575.507,281,316.84
02/01/31226,542.58182,032.92408,575.50182,032.920.00408,575.507,054,774.26
08/01/31240,377.64176,369.36416,747.00176,369.360.00416,747.006,814,396.62
02/01/32246,387.08170,359.92416,747.00170,359.920.00416,747.006,568,009.54
08/01/32260,881.76164,200.24425,082.00164,200.240.00425,082.006,307,127.78
02/01/33267,403.81157,678.19425,082.00157,678.190.00425,082.006,039,723.97
08/01/33282,590.90150,993.10433,584.00150,993.100.00433,584.005,757,133.07
02/01/34289,655.67143,928.33433,584.00143,928.330.00433,584.005,467,477.40
08/01/34305,568.06136,686.94442,255.00136,686.940.00442,255.005,161,909.34
02/01/35313,207.27129,047.73442,255.00129,047.730.00442,255.004,848,702.07
08/01/35329,882.95121,217.55451,100.50121,217.550.00451,100.504,518,819.12
02/01/36338,130.02112,970.48451,100.50112,970.480.00451,100.504,180,689.10
08/01/36355,605.27104,517.23460,122.50104,517.230.00460,122.503,825,083.83
02/01/37364,495.4095,627.10460,122.5095,627.100.00460,122.503,460,588.43
08/01/37382,810.2986,514.71469,325.0086,514.710.00469,325.003,077,778.14
02/01/38392,380.5576,944.45469,325.0076,944.450.00469,325.002,685,397.59
08/01/38411,576.0667,134.94478,711.0067,134.940.00478,711.002,273,821.53
02/01/39421,865.4656,845.54478,711.0056,845.540.00478,711.001,851,956.07
08/01/39441,987.1046,298.90488,286.0046,298.900.00488,286.001,409,968.97
02/01/40453,036.7835,249.22488,286.0035,249.220.00488,286.00956,932.19
08/01/40474,127.7023,923.30498,051.0023,923.300.00498,051.00482,804.49
02/01/41482,804.4912,070.11494,874.6012,070.110.00494,874.600.00
$9,568,000$10,102,177.60$19,670,177.60$24,499,080.36$14,396,902.76$19,670,177.60
Surplus Tax Increment 3,176.40
Total Net Revenue $19,673,354.00
Agenda Item
AGENDA REPORT
TO:
HEDC Commission
FROM:
Gayle Bauman, Finance Director
CharlesAhl, AssistantCity Manager
SUBJECT:2014-2018 CIP Plan Review and Debt Analysis
DATE:
June 6, 2013 workshop
INTRODUCTION
The Capital Improvement Plan is an annually prepared document that coordinates the
planning, financing and timing of major equipment purchases and construction projects.
The 2014-2018 CIP document has been released for review by the various
Commissions and a Public Hearing on the CIP will be held at the Planning Commission
meeting in June. As part of our paperless efforts, a copy of the CIP is available in
electronic format on the City’s webpage.
This item on the HEDC Agenda is to provide the Commission with theirreview of the
draft CIP as proposed by the staffand to discuss our debt levels.A recommendation
from the Commssion on the CIP is recommended. Following the receipt of
recommendations from all the Commissions, the City Council will be asked to adopt the
CIP in July 2013. Adopting the CIP does not commit the council to the proposed
projects, nor implement the assumptions made during the preparation; however, this is
the basis for the 2014 Budget as we proceed with its preparation.
There is a fairly significant decrease in the cost of projects included in the 2014-2018
CIP compared to previous years. The proposed 2014-2018 CIP contains $46.7 million
in expenditures while the 2013-2017 CIP contained $67.7 million. The two main
reasons for this decrease are1)the once-in-a-decade interchange improvement at
TH36-English was included in the 2013-2017 CIP at a cost of $16.2 million and it is not
included in the 2014-2018 CIP; and 2) the City’s shift in focus from an accelerated
streets program to controlling our debt levels.
Debt Analysis
Beginning in 2007, the City made a conscious decision to take advantage of the
favorable construction market and expand its street repair/reconstruction program.
Some of the outcomesof this decision are:
Many of the badly deteriorated streets in the City were repaired and/or improved.
Projects were completed at a lower cost than originally anticipated.
More projects could be completed because of the lower costs.
Our outstanding debt amount has increased.
Two of the internal policiesthe City hasregarding debtservicefund balances and debt
leviesare:
1.The ratio of debt service fund levies combined with capital expenditure levies to total
levies shall be targeted to maintain a level in the range of 15-25%. This policy will
help to ensure that the city is always maintaining its infrastructure, either through use
of debt or current funding.
2.The City’s fund balance in the Debt Service fund shall be at a minimum level of 50%
of annual debt service expenditures. Because the majority of annual debt service is
paid on February 1 and August 1 of each year, funds must be on hand for payment
of February 1 debt service.
With the expansion of the streets program, the City is currently exceeding the targeted
level of 15-25% for its debt/capital levy. For 2013, the ratio of debt service fund levies
combined with capital expenditure levies to total levies was 26.7%. The proposed CIP
includes an increase in the debt/capital levy of $105,070broken down as follows:
FUND2013 LEVY2014 LEVY
Debt Service4,313,5304,658,600
Capital Improvement Projects180,000180,000
Fire Truck Replacement50,00050,000
Park Development30,00030,000
Public Safety Expansion260,0000
Redevelopment20,00040,000
Economic Development Authority89,27089,270
TOTAL DEBT/CAPITAL LEVY4,942,8005,047,870
Exceeding our target in this case does not have a negative impact on the Cityas long
as it doesn’t continue indefinitely. The City consciously made a decision to put more
funding toward infrastructure andstaff hasbeen able to maintain its operations side.
This was accomplished by implementing many different strategiessuch as:
Early retirement program
Not filling or eliminating vacant positions
No COLA increases
Deferring projects and/or purchases
Deferring repair and maintenance items
Changes to health insurance
By managing our street projects through the CIP process, we currently anticipate that
there will be no bonding requirement for street projects in 2015 and debt service
requirements will begin to decrease in 2016. This will eventually bring our debt/capital
levy back in line with our internal policy.The history of the debt/capital levy to total levy
is as follows:
2007200820092010201120122013
20.2%22.0%20.9%21.7%22.6%25.8%26.7%
Based on projections for the Debt Service funds, it appears the City will not be able to
maintain a minimum level fund balance in the debt service funds of 50% of annual debt
service expenditures for a few years starting around 2016,without a significant increase
in the debt levy. While the debt service funds will continue to have a positive total fund
balance at the end of each year, there would not be sufficient funds on hand at
stst
February 1and August 1to make the required debt service payment. What this
means is that the debt service funds would temporarily borrow money from the General
Fund and pay interest expense on these borrowings. This would continue for a few
years until someof our bond issues are paid in full and drop offthe City’s payment
schedule. Though this is not an ideal situation, staff does understand that going against
the policy in the short term is a better alternative than havingalarge levy increase to
avoid the drop in fund balance. Also, new legislation was passed thissession which
should bring in an additional $530,000 in Local Government Aid and potentially another
$300,000 due to the return of the sales tax exemption for cities and counties.The City
would look at utilizing these funds to manage our debt levels in the short term.Based
on current information,the following table shows the projected year end fund balance
for the debt services funds for 2014-2018:
20142015201620172018
YE Fund Balance$6,897,820$4,672,360$3,201,030$2,022,020$1,238,100
%of debt service costs64%46%32%21%13%
% of debt service costs w/
69%56%49%42%42%
LGA funds($530,000/yr)
CIP Summary
A copy of the draft 2014-2018 Capital Improvement Plan has been distributed and can
be found on the City’s website at www.ci.maplewood.mn.us. The Transmittal Letter
highlights the major projects within the Plan for consideration. The document explains
each of the proposed projects, as well as analyzes the impacts on the budget for the
various funds, along with the tax impact necessary to implement these projects as
proposed. The staff submits projects based upon goals set at the Council/Management
Team retreats. The finance staff analyzes the funds available for capital projectsalong
with the impacts of the staff proposals. A number of revisions are made in the project
submittals based upon the analysis of finance, aswell as management priorities to
achieve the attached CIP plan. The attachedtable shows the changes that weremade
to the original requests based on the City’s financial means and meetings with the
various department heads.
HEDC Specific Items
There are a couple of programs that will be the focus for the HEDC during the 5-year
planning period covered by this CIP as follows:
1.Housing Replacement Program:
a.Proposes $100,000 in 2014, again in 2016 and again in 2018.
b.The proposal is that the HEDC develop a program for housing
rehabilitation or improvement on an every other year basis.
2.Commercial Property Redevelopment
a.Proposes expenditures of $2,500,000 over the 5-year period.
b.Revenue from this program comes from the sale of property that has been
purchased and redeveloped [$1,800,000 is estimated], plus the annual
levy of $89,270.
c.The proposal is that the HEDC will be involved in the purchase of
redevelopment properties, improve the property and then resell the
property for increased tax base. The HEDC would make
recommendations to the Economic Development Authority.
RECOMMENDATION
It is recommended that the Commission review the proposed projects within the 2014-
2018 Capital Improvement Planand make recommendation to the City Council to adopt
the 2014-2018 Capital Improvement Plan with any revisions recommended by the
HEDC.
Note:
The Commission should appoint arepresentative to deliver their
th
recommendation to the Planning Commission on June 18and the City Council
th
on July 8; or, if that is not possible, authorize a staff representative to deliver the
HEDC recommendation.
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