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<br />REQUEST FOR COUNCIL ACTION DATE: 02-24-97 <br />ITEM NO.: <br />Manager Reviewed: Agenda Section: <br />Hearin <br />Public hearing concerning the creation of Tax Increment <br />Financing District #15 and Tax Increment financing plan <br />related thereto. Re uest Continuation to March 24, 1997 <br /> <br /> <br />Background <br /> <br />. John Allen, representing Fairview H.A. Associates, LLP, has requested that the <br />City establish Tax Increment Financing District 15 and later to provide tax <br />increment financing to assist in the clean up and redevelopment of the former <br />Ideal Security Hardware site at 2621 Fairview Avenue. <br /> <br />. The boundaries of Tax Increment Financing District #15 would encompass the <br />Rehbein Mathison property on the east side of Fairview, the Ideal Security site, <br />the Pacific Mutual Door site, the site currently occupied by Augies, and the site <br />owned by GEM Investments, currently occupied by Casci Decorating. <br /> <br />. Mr. Allen and his group are propo.sing to clear the site and develop a 40,000- <br />50,000 square foot industrial/business building. Mr. Allen has requested City <br />financial assistance in the amount of $600,000 for demolition, soil correction, <br />grading and landscaping, and upgraded exterior materials. <br /> <br />. If the City Council approves the creation of Tax Increment Financing District 15, <br />John Allen will formally apply for approximately $600,000 of pay-as-you-go TIF <br />assistance in accordance with the City's tax increment policy. <br /> <br />. From December 1996 through February, 1997, the Council has continued <br />hearings on this matter to allow further review of issues brought forth during the <br />hearing, including storm water impact on adjacent residential neighbors, financial <br />matters, perceived TIF policy inconsistencies, and the lack of complete <br />application from Mr. Allen. <br /> <br />. The staff has not had time to commit to the drainage and water retention issues <br />in the James addition, except to review historical records which illustrate water in <br />the area prior to construction of the homes. A neighborhood meeting and <br />identification of more specific problems has been scheduled for March 5, 1997 to <br />discuss drainage and other issues with the neighbors. (See the attached letter). <br />It is possible that some of the revenue from the proposed tax increment district <br />could be used to improve the utility and storm water storage infrastructure in the <br />area. <br /> <br />1 <br />