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January 31, 198e <br />4 <br />'TO: City council <br />Mkoft: ko �: kele) Z � 10) 4 0 too 012 Ph 2 0 d 10W 744 <br />Background <br />In 1981, the Council was asked the quiestion# "Should the City <br />activiely pursue a po,i * icy which encourages redevelopment of certain <br />4 <br />ndusitriial,ly zioneid roplerties to more 'Intensive valued uses'?" <br />P <br />The answer to, that question was an emphatic 11yesil, <br />A seri,es of actions followed that decision, which enabled the <br />City, to iagigiress ivelv and directly assist in the development and <br />redevelopment of certain areas of the City, A summary of those <br />Mi <br />actions are as follows,, <br />A tax increment fLnanc,ing plan was developed f or certain <br />targeted areas neleldi ng redevelopment . <br />A <br />2. Anewzoninig district, was created (B-4), and a ma3ori'ty of <br />I <br />the parcels in, the tarigeted areas were rezoned. <br />30 A policy on the use of industrial development bonds was <br />adopted. <br />The Council has authorized, an, effort. to seek designation as a <br />Star City,, This designation acknowledges that a City went <br />1P <br />through a State prescribed planning process regarding its <br />a <br />econom,ici development ob ecti'vies The presumed benef 'its of a <br />,Star City desilgination 'I's that State cooperation regarding <br />economic development is enhian,ceid. <br />