RM 06-06-80 - Laserfiche WebLink

Home Browse Search

South Bead Redevelopment Commission Regular Meeting - June 6, 1980 6. NEW k. ommission Approval requested for Resolution No. 615 1 amendiji certa eso lilt ions eclaring the Central bliLihted and aniirovina an urban location payments ect No. IND. R-66. Ellison: Mr. Butler, would you care explain all of this? . Butler: Under the amendments to the Redevelopment Act by the legislature uring the last three years by the addition of a new Section 39.1, department's f Redevelopment are authorized to establish an incremental tax financing areas within urban renewal areas. This resolution is pursuant to that authorization. By his resolution the Redevelopment ommission will be designating asically a five block area including those arked in orange (pointing to map in back- ground) an allocation area for purposes f the incremental tax financing. The ffect of this designation is that the assessments of the properties in that area will be frozen as of the last eassment date which was March 1, 1980. Any increase in assessment from this time forward can and will be utilized or the purpose of paying bonds issued by the Department of Redevelop ent for public improvements which may ccur in that area. With respect to e specific types of public improvements at are contemplated I think that r. Ellison may explain that. . Ellison: Most of those public provements are contemplated in the so- lled Century Mall Project Area, which bounded by St. Joseph, Jefferson, shington and Main Street. For some ne we have been involved with the ivate sector in an effort to try to t together a multi -use development at would involve among aother things blic expenditures for the provision common areas within an enclosed retail onpin�_Y mall area. 19