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January 14, 1983 <br />TO: CJ'Lty Council <br />FROM,* Jim Andr <br />All <br />Hearing on Comunlity Delvelopwnt Slock Grant (CDBG) Application <br />to AcquiTe Proplerty North of' Rosedale <br />A hearing has been scheduled for 7:100 pl,m,.,, Monday, January 17.., to receive <br />comments on a proposed CDBG appli cat 1011, <br />4 <br />The proposed, application 'is for, funds to acquire approximately a four acre <br />undeveloped tract of land to assist in the redevelopment of the residential <br />area i,mmediat,el,� north of Rosedale into a specialized shopping cente.L., <br />Y <br />Warren Beck., the, potent-iial ownier and developer of a 13 acre site, has been <br />atteMpting to acquire these properties for solme time. He has not negotiated <br />a new, plack,age, but 'is optimistic "it can, be accomplished with the 'involvement <br />of the City.1 That involvement woul,d be as follows,: <br />1 <br />2. if the City was not successful in the grant application, it would issue <br />tax increment blonds tio pay for th,ie fouT (4) acres, <br />3. The City woul,d assist, "in acquiring inAi'vidual homes, if all but a few <br />(2 or 3) could, be acq'ui*:red through, negotiat "ions, This would mean <br />0 <br />uti*-11.zing its powers of condematim under the Tax Increment law, <br />The City wouId be, reimbursed for those expenses from the developer. <br />4. 1 <br />Me City would favorab ns <br />ly co'der an Industrial Revenue Bond application <br />for the, cost of the development.i <br />S. The City's participation in the insta, flat ion of utilities would be per <br />the Tax Increment Plan (i.e., 25% speci-al assessment, and the remainder <br />from tax increment blonds, and debt, sery ice Y, <br />