TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: October 5, 2018
SUBJECT:title
In compliance with the TIF Act, this agenda item shall serve as the City’s announcement of its intent to establish Tax Increment Finance (TIF) District #9.
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PURPOSE:
As a part of continued Downtown Redevelopment, the City intends to establish TIF District #9. This announcement provides for a review period of the TIF District #9 Redevelopment Project and Plan and Eligibility Report.
BACKGROUND:
The redevelopment of the Paramount Theatre and Arts Center led to a subsequent redevelopment of significant portions of Stolp Island The creation of TIF #9 will continue this redevelopment as noted in the attached plan.
DISCUSSION:
The creation of a TIF requires several steps. The first public step is the announcement of the TIF by providing the Redevelopment Project and Plan. This document is attached. It is important to note that the actual announcement is done by the full City Council and that this is scheduled for October 23, 2018. Further steps associated with the creation of the TIF will include the provision of mailed notices, public notices, a Joint Review Board meeting and a public hearing. The Corporation Counsel has engaged Klein Thorpe and Jenkins to serve as the City's Special Counsel to support this TIF formation process. Attachment 1 is a copy of the announcement. Attachment 2 is a draft of the TIF #9 formation schedule.
Attachment 3 is the Redevelopment Plan which provides a summary of the proposed TIF including the TIF border, budget, legal description and potential development plans.
IMPACT STATEMENT:
Making this announcement will begin the formation process of TIF#9. Failure to make this announcement will mean that TIF #9 will not be created and needed downtown financing for future development will not be created.
RECOMMENDATIONS:
Staff recommends the Committee forward this announcement to the City Council for execution on October 23, 2018.
cc: Robert J. O’Connor, Alderman
Theodoros C. Mesiacos, Alderman
Edward J. Bugg, Alderman
Alex Alexandrou, Chief Management Officer
Wendy A. McCambridge, City Clerk
Richard Veenstra, Corporation Counsel