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Administration Hiousiong Alliance - T.I. Plan & Redeveloper Agreement 9/24/84 DATE'. MGR. REVIEWED/ RECOMMENDS: si At its regular meeting oif July 23, 1984, and continued from the September 10th meeting, the City Council esitabl,i,shed a Public Hearing date, to clon,sider the creation of a Tax Increment 01 M Fignance District for the Proposed Housing Allianc6 SeniorCiti*zen project. The Planning Commission at its September Sth meeting found that the proposed Tax Increment Program, for the property is, consistent, with the City's Comprehensive Plan. This finding was one of the requirements necessary to create the Tai Increment District, The Housing A113OLance Inc. is proposing to build, a 6,0 unit elderly condominium housing N development with related Parking, with an additional 70 units proposed at a later date. 6 q Tax increment general, obligation Donds in the amount not to exceed $400,000 or other City 0 t M funds would be used to finance the City's activi ieso An as,sessment, agre,elment, 'is proposed to be exiecuted which will generate sufficient Tax Increments to finance thie debt % The City will not fin ance an amount which exceeds the a amount the City reasionably determines can be amlortIzed by the Tax Increments. Alsol included, are a payment and performance bond- and 'included in the condominium associoationi declarations are provi'sions co�ncerning the obligations of individual' association members 0 with, respect to *insurance requirements and payment of' property taxes which are acceptable to protect the, Uty's interest "in the redevelopment property.i Ilie Tax Increment F I inanc * n Pr'vate Redelonment have been review- ed Plan and, the Contract for I ed by the Housing Alliance Inc .1 Holmes and Graven, and the City's consultants and staff, sub- ilect to a final review by the City attorney. opi-es of these plans will be available prior to the Council meeting,