Title
Consider approval of Ordinance 2022-70, on the second of two readings, amending the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 5, also known as the "Downtown TIRZ" to allocate funding in support of an annual downtown operations plan and approved project plans submitted via an application process; authorizing the City Manager, or her designee, to execute such amendments on behalf of the City; including procedural provisions; and declaring an effective date.
Body
Meeting date: September 6, 2022
Department: Finance
Amount & Source of Funding
Funds Required: Proposed Annual Cost FY23 - $268,860
Account Number: 14063256.56180
Funds Available: $2,120,000
Account Name: Downtown Planning and Development
Fiscal Note:
Prior Council Action: Click or tap here to enter text.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Downtown Vitality
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
? Economic Development - Diverse Local Economic Environment
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
? Transportation - Choose an item.
? Core Services
? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Downtown Master Plan
Background Information:
A tax increment reinvestment zone ("TIRZ") is a financing tool created by the State Legislature to assist cities and counties in developing or redeveloping unproductive, underdeveloped, or blighted areas. Cities may create a TIRZ where conditions exist that substantially impair an area's sound growth plan and where development or enhancements financed by the TIRZ significantly enhance the value of all taxable real property in a TIRZ.
Prior to creatio...
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