RM 01-18-80 - Laserfiche WebLink

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South Bead Redevelopment Commission Regular Meeting - January 18, 1980 Ms. rbeck: Could I also ask if, until this issue is settled in Court, that we are not going to proceed with Century Mall? Mayor Parent: There are a number of other mattes which have to be handled in relation to Ceritury Mall which we will be working on while this process is going on. Mr. Hill: Because of the process which is outli ed in the statute, if we were dealing with a new redevelopment parcel at the time of the declaration, we would need to submit an allocation plan which basically would be your Financing package. That allocation plan would show how you intend to use the tax increment to pay the interest which depends upon your bonds. That presumes that ou at least have to have a proposed finan ia1 package together because of the parcels involved here. Both the First Bank ind Marriott project, and the Century Mall project involve existing redevelopment parcels. We would be going through an amend tort' process that would include a propo ed allocation of the tax increment, and that would presume, we would have to have the o'-her pieces of the financial package toget er. I don't think a court suit would be ready to proceed until we have that knendment and the allocation plan togetlier. We do need to go ahead and put together the financial pieces. Ms. rbeck: You are saying that you would have to have your financial package together beforo a court case is filed don't you? Mr. Hill: We would have to begin the process of operating the benefits of the statute before it could be tested. Ms. D rbeck: I would presume that you are not going to start any building? Mr. Hill: That is correct. Mayor Parent: There are investors who are obviously interested in what is going to happen, they are not going to move ahead until we have public funding assured for the public facility and so what comes first is interesting, but we are mcrving ahead with this portion. -11-