Agenda Date: 12/02/2014
Subject: Resolution approving a new urban renewal plan
Title
Public Hearing on a resolution approving a new urban renewal plan known as the "North Broadway Urban Renewal Plan".
Body
Presented By:
Michael Penny, City Manager and Jim Rees, LIFT Executive Director
POLICY QUESTION:
Does the city council support a resolution making certain findings required for the designation of North Broadway as an urban renewal area?
BACKGROUND:
Littleton Invests for Tomorrow (LIFT) has completed the conditions study and determined that there are sufficient factors of blight present in the area, conducted two open house meetings to receive public review and comment, and has developed the North Broadway Urban Renewal Plan in accordance with Part 1 of Article 25 of Title 31, C.R.S. LIFT has adopted Resolution 12-2014, recommending that city council approve the North Broadway Urban Renewal Area and Urban Renewal Plan.
STAFF ANALYSIS:
The plan was presented to the Littleton Planning Board and was found to be in conformance with the Littleton Comprehensive Plan. The approval of the plan will allow for the use of tax increment financing in order to achieve plan goals and objectives, which include the prevention and elimination of conditions of blight.
STAFF RECOMMENDATION:
Staff recommends city council approve the North Broadway Urban Renewal Plan, with a revision to Section 6.12 to remove the creation of individual Tax Increment Areas within the Urban Renewal Area and to instead authorize the use of both property and sales tax increment financing for the entire Urban Renewal Area. Municipal sales tax increment will be implemented for a particular project by the approval of a sales tax sharing agreement between LIFT and the City, without the need for further modification or amendment of the Plan. The proposed revision to Section 6.12 is attached.
PROPOSED MOTION:
Proposed Motion
Motion to approve the resolution appr...
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