Agenda Date:
Subject:
Title
Urban Renewal Follow-up Study Session information
Body
Presented By:
Mike Braaten, Deputy City Manager
BACKGROUND:
City council asked staff to provide additional information pertaining to urban renewal at its August 9, 2016 study session. Specifically, the following was requested:
* Benefit to property owners in an urban renewal area
* Options to finance infrastructure needs without urban renewal
* Can administrative issues be addressed without disbanding LIFT?
* Economic Development department's efforts/successes
* Update draft 'whereas' language to include the citizen initiative/charter amendment and the Santa Fe Urban Renewal Plan court ruling
* Explanation of specific expenses from Littleton Invests For Tomorrow's (LIFT) checking account (from 2014)
Additionally, prior to adjourning the study session on this topic, Staff needs council direction as to what ordinances to bring to council on October 4, 2016 for first reading.
Staff has provided, as attachments to this memo, the ordinances to abolish LIFT and repeal the individual urban renewal plans as well as the memo provided to city council from the August 8, 2016 study session as additional background for this discussion.
STAFF ANALYSIS:
What is the benefit to property owners in an urban renewal area?
Tax Increment Financing (TIF) revenue can be used for urban renewal projects that may include acquisition of properties, demolition and removal of buildings and improvements, and construction or reconstruction of streets, utilities, parks and other public improvements.
Owning property in an urban renewal area may create eligibility for TIF for an activity or undertaking (a project) that is consistent with the urban renewal plan for the area. LIFT could also undertake specific projects to improve conditions in a plan area by updating public infrastructure and supporting new development and redevelopment of private property.
What are possible options to finance infr...
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