2005-07-13 CC Packet - Laserfiche WebLink

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3. Benefits of LeDA funding. Address all that apply of the following: How will LCDA funding overcome obstacles, provide a catalyst, or increase the value of the project to the community? (Limit 20 lines) LCDA funding will provide resources to: ~ Use land more efficiently, create a sense of place and achieve a compact, mixed-use development that will provide a long-term community solution. ~ Redevelop vacant, blighted and under utilized sites. ~ Enhance the existing successful transit services by creating pedestrian friendly and transit oriented streetscape standards. ~ Integrated facilities, which enable and/or enhance pedestrian circulation in order to simplify access to local service and to lend and atmosphere of activity to downtown Centerville. ~Create affordable housing opportunities for families ~ Provide new services and create new employment opportunities for the community. ~ Densifying housing in a developed community 4. "But-For" Test Assessment. Describe the unfilled gap needs that can only be filled by an LCDA grant awarded in 2005. Describe why this project or funded components could not occur within two years of the grant award. ILimit 20 Jines) The redevelopment costs ofUBast Block 7" are extensive due to: 1. The high cost of acquiring marginalized and vacant properties. 2. The needed public investment in extensive improvements to Centerville Road and Sorel Street. 3. Introduction of streetscape to the downtown for improved pedestrian use; and 4. Greatly reduced (40%) TlF revenue due to tax rate compression. After applying tax increment proceeds generated from the redevelopment, grant funds and other City funds, there are still insufficient funds to finance the anticipated public and private redevelopment costs. Without this grant, it will be impossible for the City to assist in completing a comprehensive redevelopment effort (there is a $ 300,000 gap that the grant would assist in filling, on key, selected developments) 4 ..51