2024-60 Ordinance Approving the Tax Increment Redevelopment Plan and Project for the Central TIF Redevelopment Project Area

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TABLE OF CONTENTS SECTIONI - INTRODUCTION.......................................................................................... 1 Exhibit A Redevelopment Project Area Boundary...........................................................................2 SECTION II - BASIS FOR ELIGIBILITY OF THE AREA.......................................................4 Definitionof a Blighted Area.......................................................................................................4 Definition of a Conservation Area...............................................................................................8 Findings......................................................................................................................................10 ExhibitB:Current Land Uses.......................................................................................................12 Exhibit C.Existing Conditions(Downtown District).....................................................................13 Exhibit D.Existing Conditions(Residential Core).........................................................................13 Exhibit E.Existing Conditions(Millildn UniversityArea)..............................................................14 Exhibit F:Existing Conditions(Eastern Area)...............................................................................14 Table A:Summary of Blighting and Conservation Area Factors.....................................................15 Eligibility of Improved Parcels...................................................................................................15 Eligibilityof Vacant Parcels .......................................................................................................17 Table B:Comparison of EAV Growth Rates(2017-2022)..............................................................17 Exhibit G.Parcel Group EAV Growth Rate Compared to that of the City(2017-2022)..................18 SECTION III - REDEVELOPMENT PLAN AND PROJECT................................................19 GeneralLand Uses to Apply.......................................................................................................19 Objectives...................................................................................................................................19 Program to be Undertaken to Accomplish Objectives...............................................................20 Conformance with the Comprehensive Plan and Zoning Ordinance.......................................20 Exhibit H.General Land Use Plan................................................................................................21 RedevelopmentProject..............................................................................................................22 Description of Redevelopment Project Costs............................................................................23 Table C.Estimated Redevelopment Project Costs..........................................................................27 SECTION IV-OTHER FINDINGS AND REQUIREMENTS.............................................28 Area,on the Whole,not Subject to Growth and Development.................................................28 TableD.FAV Trends(2017-2022)...............................................................................................28 Would Not be Developed`but for"TIF......................................................................................28 Assessmentof Financial Impact................................................................................................28 Estimated Date for Completion of the Redevelopment Project................................................29 Sourcesof Funds........................................................................................................................29 Natureand Term of Obligations................................................................................................29 Most Recent EAV of Properties in the Project Area..................................................................30 Estimate of Valuation After Redevelopment.............................................................................30 Fair Employment Practices and Affirmative Action..................................................................30 Reviewing and Amending the TIF Plan.....................................................................................30 APPENDIX........................................................................................................................31 January 19, 2024 Page ii