Agenda Date: 02/17/2015
Subject:
Title
Resolution approving a substantial modification to the Columbine Square Urban Renewal Plan.
Body
Presented By: |
Jim Rees, Executive Director of LIFT |
POLICY QUESTION:
Does city council support the substantial modification to the Columbine Square Urban Renewal Plan?
BACKGROUND:
On November 4, 2014 the Littleton City Council adopted the Columbine Square Urban Renewal Plan (Plan). The Plan included the use of tax increment financing (sales and property tax) but stipulated that only the property tax increment be collected starting from the date of the adoption of the plan and extending for a period of 25 years. Subsequently, the city council adopted the Littleton Boulevard and the North Broadway Urban Renewal Plans, which authorized the collection of sales and property tax increments generated from within the entire URAs from the time of plan adoption for 25 years. It is the recommendation of Littleton Invests for Tomorrow (LIFT), the city's urban renewal authority, that the Columbine Square Urban Renewal Plan be amended to reflect the same conditions that apply to the Littleton Boulevard and North Broadway Urban Renewal Areas.
LIFT requests the council approve the substantial modification to the Columbine Square Urban Renewal Plan. The Plan area and the goals and objectives are unchanged from the original Plan. The area consists of 35 acres located generally in the western part of the city south of West Belleview Avenue between South Lowell and South Federal Boulevards. (Figure 1)
The stated purpose of the Plan "is to reduce, eliminate and prevent the spread of blight and to stimulate growth and investment within the Area boundaries. To accomplish this purpose, the Plan is intended to promote local objectives expressed in adopted community plans and advance the priorities of the Comprehensive Plan."
The approval and adoption of the substantial modification to the Columbine Square Urban Renewal Plan by the city council will allow the urban renewal authority to enact sales tax increment financing to generate revenue sufficient enough to fund public improvements that address conditions of blight and facilitate private investment.
On January 26, 2015 the planning board voted 4-3 to find the Columbine Square Urban Renewal Plan to be in conformance with the comprehensive plan and to recommend approval to the city council.
FIGURE 1.
STAFF ANALYSIS:
Section 6.12 of the Columbine Square Urban Renewal Plan will be modified to read as follows:
6.12 Create Tax Increment Areas
The boundaries of the Urban Renewal Area shall be as set forth in Section 1.5 and more fully described in Appendix B. It is the intent of the City Council in approving this Plan to upon adoption of the Plan authorize the use of Tax Increment Financing by the Authority as part of its efforts to advance the vision, objectives and projects described herein in accordance with C.R.S. ยง 31-25-107(9) within the entirety of the Plan area set forth in Appendix B. The Authority is further specifically authorized to expend the revenue from both property and sales tax increment to the extent authorized by the Act and this Plan. However, improvements which enhance the financial viability of existing businesses and/or redevelopment of these businesses will be a priority use for these resources, not the acquisition of real property by eminent domain. See Section 6.9 above.
While this Columbine Square Urban Renewal Plan contemplates that the primary method of assisting with financing eligible expenses in the Area will be through the use of Property Tax Increment revenue, City Council hereby determines to allocate municipal sales tax increment upon adoption of the Plan. Such municipal sales tax increment shall be implemented for a particular project by the approval of a sales tax sharing agreement between the Authority and the City, which sales tax sharing agreement is specifically authorized by this Plan without the need for further modification or amendment of the Plan. Such sales tax sharing agreement shall be authorized after receipt of a financing plan outlining the proposed amounts and purpose for which the Municipal Sales Tax Increment is to be used. Upon City Council approval of said sales tax sharing agreement, the Municipal Sales Tax Increment will be allocated and distributed in accordance with the tax increment financing provisions of Section 31-25-107 (9), C.R.S., which is by this reference incorporated herein as if set forth in its entirety.
This modification to the Plan does not change land use or zoning. Any zoning change that may be necessary for an urban renewal project will still be subject to review by the planning board and final approval by the city council through city code mandated processes.
STAFF RECOMMENDATION:
Staff recommends the city council approve the substantial modification to the Columbine Square Urban Renewal Plan.
PROPOSED MOTION:
Proposed Motion
I move to approve the resolution approving the substantial modification to the Columbine Square Urban Renewal Plan.