Subject
Urban Renewal Resolution 14 is proposed for adoption. This resolution will direct staff to prepare a plan for a new urban renewal district along Feedville Road.
Summary and Background
In 2013 the city formed an urban renewal agency to administer the downtown urban renewal area. The agency, of which the city council acts as the governing board, may administer multiple urban renewal districts. In addition to the existing downtown urban renewal district, a potential new district encompassing the old C&B Feedlot property on Feedville Road (referred to here as the "Hayfields Site") is under consideration. A feasibility study as required under state law governing urban renewal formation was prepared in 2021.
However, under state law an urban renewal plan is also required. The attached Resolution 14 directs staff to begin the plan preparation process. An urban renewal plan must contain several elements. Specifically, the plan must specify the maximum indebtedness the district may incur, a list of projects and estimates of cost, a list of potential real property to be acquired and their uses, tax increment revenue forecasts, and other items.
It is estimated that six to eight months will be needed for plan preparation. With passage of this resolution, staff will begin the work with the city's consulting urban renewal firm, FCS Group. A committee will be formed to consider and develop the plan elements. Finally, the plan will be presented to the city council for a hearing and potential adoption towards the end of 2022.
Tie-In to Council Goals:
The Hayfields Urban Renewal Area has the potential to address multiple council goals. The district itself is proposed primarily as a housing development. The potential housing includes single-family detached housing, attached single-family, multi-family, and workforce housing elements. The development will require substantial public infrastructure improvements which have the potential to benefit the city as a whole as well as the local service area. Additionally, the plan contains substantial public park and recreation elements.
Fiscal Information
The planning and research work to date has been done under the city's existing contract with FCS Group to develop the System Development Charges (SDC) framework. Up until now the urban renewal work has been done under the unexpended portion of the SDC contract. It is anticipated that the urban renewal work from this point forward will require contract amendments with FCS Group.
Alternatives and Recommendation
Alternatives
The urban renewal board may choose to adopt resolution 14 or reject resolution 14. Adopting resolution 14 will continue to move plan preparation forward. Rejection of resolution 14 will terminate work on planning.
Recommendation
Staff recommends that the board approve resolution 14.
Requested Action/Motion
Motion to approve resolution 14.
Submitted By: Clinton Spencer