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. , <br /> ' � , : <br /> ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> Memo No. 06-187 <br /> August 16, 2006 <br /> TO: Honorable Mayor Paul Osborne and City Council <br /> FROM: Steve Garman, City Manager ' <br /> Dane C. Bragg, AICP, Assistant ity Manage� <br /> Greg Crowe, Economic Development Coordinatq�� ; <br /> SUBJECT: Amend Southeast Plaza Redevelopment Plan '� <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the Southeast Plaza I�I <br /> Redevelopment Plan Amendment. I, <br /> BACKGROUND: The Southeast Plaza Redevelopment Plan was approved in May of 1997 in order <br /> to create a Tax Increment Finance District. The TIF District was approved to provide the developer <br /> eligible reimbursable costs for public improvements to facilitate new retail development including a <br /> hotel, movie theater and restaurants. <br /> A list of estimated eligible reimbursable expenses was included in the Redevelopment Plan. The <br /> proposed amendment will increase the estimated eligible reimbursable expenses by five percent along <br /> with cost of living increases. The estimated expenses are also redistributed amongst the eligible line <br /> items which is more consistent with the expected reimbursements. <br /> The amendment will also incorporate the agreement between the Developer and the Mt. Zion School <br /> District and the Developer's legal and professional services agreement into the Redevelopment Plan. <br /> INPUT FROM OTHER SOURCES: None <br /> POTENTIAL OBJECTION: None <br /> STAFF REFERENCE: Any additional questions may be forwarded to Greg Crowe at 424-2725 or at <br /> �ccrowe(c�decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: None <br />