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. � � t <br /> • � n . <br /> . <br /> ECONOMIC AND URBAN DEVELOPMENT MEM RANDUM <br /> Memo No. 07-65 <br /> May 2, 2007 <br /> TO: Honorable Mayor Paul Osborne and City Council <br /> FROM: Steve Garm ity Manager <br /> Greg C. Cro Director of Economic & Urban De elopmen,� <br /> SUBJECT: Second Amendment for Southeast Plaza Project, Pl and Tax <br /> Increment Financing <br /> SUMMARY RECOMMENDATION: Staff recommends ap roving the ordinances <br /> designating, approving and adopting the Second Amendment o the Southeast Plaza <br /> Redevelopment Project, Plan and Tax Increment Financing. <br /> BACKGROUND: The Southeast Plaza Redevelopment Projec Area was approved in <br /> 1997. The developer of the site, Airport Plaza Joint Venture, has successfully developed <br /> the Phase I portion of the site with a movie theatre, hotel and resta ant out lots. <br /> The original Redevelopment Plan included a Phase II residenti development on the <br /> property east of the Theatre. This amendment will allow the dev loper to move forward <br /> by developing senior housing on the Phase II site along with dev loping additional retail <br /> and office. The proposed amendment will not increase t e amount of eligible <br />� reimbursements nor extend the length of the TIF's life. The ame dment will expand the <br /> boundaries of the Redevelopment Area to the south. <br /> INPUT FROM OTHER SOURCES: N/A I <br /> POTENTIAL OBJECTION: No objections to the proposed endment were heard at � <br /> the Joint Review Board Meeting. , <br /> STAFF REFERENCE: Any additional questions may be forw ded to Greg Crowe at � <br /> 424-2727 or at �ccrowe(cr�,decaturnet.org. � <br /> BUDGET/TIME IMPLICATIONS: N/A I, <br />