2007_1217_Packet - Laserfiche WebLink

Home

2. 4biectives. This applies io d�velapmc�i to accur a�d ta be fi�ancect by ta� increments received in 2408 and 2009. Expenditures �nay occur af�er 2009. Objectiv�s include: (a} Assist in the fi�'ther assessment of environmental cpntamination and remediation e�fnrts. (b) Ass�st i� the �na.z�cing pf public i�frastruc�ure, inc�uding streets and raadways, i:raf�ic signals, patl�ways, pedestria� �ighiing, streetscape amenzfies, and �vater, sanitar� sewer and starm se'wer infras'�ructure. 3. Develo`prnent Pro�rarn. This applies to development to occur and io be financed by tax incrern�nts areceived in 2008 and 2Q�9. Expenditures znay occ�r after 2Q09. There zs na property within the project that ihe City intends to acquirc, or �o otherwise facilitate �he acquisifion by athers. Though referred to �erein as a"developma�i prograrn" using the terr�inology of the Ta� Inererne�zt Act, t�ais developrnezai program is also a red�velopment plan and a pla� %r an indus#rial develapment c�istric�. �. Developz�ental Aetivitzes. This applies �o developz�ent tc� occ�r a�ac� to be financ�d by tax increments r�ceived in 2008 and 2009. Expendi��res �nay occur after 2009. Currently there are no development activitzes for w�ich contracts have been entered into. Other prnpos�d de�v�loprnez�tal act��iiies iz�clude: a hotel and r�staura�at prnject and a 55-�nit Ynultifamily �aausing project. 5. 4t�er Develo �aent Reasonab� Ex �cted. T�is appties ta devalopz�aent to occur and tp be finaneed l�y tax increx�ents received i� 2.Q08 and 2049. Expenditure:s rna� accur after 2009. Other develnprnent x�asanably expeeied inciudes r�ew e�ffice and retail space an.d new ho�sing. 6. Estzz�ates o� Cost a£ the Project. This applies ta develapment to occuz and to be fnanced by �ax increments received in 2008 and 2009. E�pendituz�es may oceur after 2009. The folIowing are expected public costs of the pxaject, i��cluc�i�g adtrcznistrative e��e�zses: Inf'rastructur� Environmental Assessmen� and Remediation Past �lctiviiz�s Administration Total $ � 5,000,000 � Q,OOO,OOQ 50,000 I.��..a�.._� $25,150,000 Ofthe abo�e, ap�roximately $2,100,000 are expected to be paid from tax incre�nents of tlie d�strict. Al� tax i�crements o�tk�e dis�rict received in 2008 and �Q09 will be e�pended on such costs. 7. Estimate of $onded Indebtedness. This applies to develapment �a occur and ta be financed by fax incrarnents received in 2008 and 2009. �"he only bonded indebtedness e�pected to be incu�ed is suc� part of the $2,100,000 or z�ore of tax inc�eYnen�s as rnay he rep�esen��d by anterfund loarzs to be repaid by tax inereme�ts. 21fl557Zv3 �