2024-59 Ordinance Approving the 2024 Amendment to the City of Decatur Olde Towne TIF Redevelopment Project Area

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DATE: May 6, 2024 TO: Mayor Julie Moore Wolfe and City Council Members FROM: Scot Wrighton, City Manager Cordaryl "Pat"Patrick, Director of Economic and Community Development SUBJECT: Ordinance approving an amendment of the Olde Town TIF district and 3 separate Ordinances designating, adopting, and approving the Central Tax Increment Financing Redevelopment Plan and Project Area. There are four separate Ordinances to effectuate the new Central TIF. RECOMMENDATION: Staff recommends the City Council approve the Ordinances amending the Olde Town TIF Redevelopment Project Area and the designation, adoption and approval of the new Central Tax Increment Financing Redevelopment Plan and Project Area. BACKGROUND: The City Council approved an inducement resolution last year to begin the redevelopment plan for the new Central Tax Increment Financing District(CTIF). The designation is located in the west-central area of the city and includes portions of the City's Downtown and Eldorado Street commercial corridor, as well as a large residential area (primarily Neighborhood United)that needs infrastructure improvements,renovation, and redevelopment. The primary section of the proposed CTIF District is generally bounded by Fairview Avenue on the west,Waggoner Street on the north, the CN railroad tracks east, and Decatur Street on the south. The proposed CTIF District covers approximately 750 acres of land, 2,211 parcels of real property,and 2,080 buildings, including primary and accessory structures. The Project Area has experienced many demolished and burned down buildings over the years. Also, it suffers from the presence of vacant homes and lots, as well as deteriorated and dilapidated buildings, a lack of, site improvements, and poor infrastructure. The City is considering the use of tax increment financing, as well as other economic development resources, to facilitate private investment within the CTIF District Project Area. The intent is to encourage significant private investment, which will serve to redevelop aging, deteriorated properties and infrastructure that will likely enhance the tax base of the urban core. The general objectives of the CTIF District are outlined in the redevelopment plan,but it includes the alleviation of blight, infrastructure improvements, including sidewalks,utilities, and streets; the enhancement of the city's and other taxing bodies, tax base; and encouraging and assisting private investment and redevelopment. More specifically, objectives, initiatives, and goals for the CTIF District include community revitalization, economic development, and transportation improvements. The estimated redevelopment cost over the life of the CTIF District is $56,000,000. In this way, TIF will become another revenue source for neighborhood revitalization.