2003-29 SETTING JULY 21, 2003 AS THE PUBLIC HEARING DATE FOR A PROPOSED NEAR NORTH REDEVLOPMENT PROJECT AREA

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Economic & Urban Development Department Memorandum ', # 03-39 ' TO: Honorable M r Paul Osborne and City Council Members I�, FROM: Steve G ity Mana.ger � A.J. Kriege , sistant City Mana.ge SUBJECT: Near North edevelopment Project ea Public Hearing Date I RECOMMENDATION: i ', City staff recommends approval of the attached ordinance which sets a public hearing date to I ,� discuss the use of tax increment financing in the Near North Redevelopment Projec# Area. The I ordinance schedules the public hearing far July 21, 2003. � ' BACKGROUND: I� The Tax Increment Allocation Act requires municipalities to comply with various requirements I including notification and public hearings. The purpose of the attached ordinance is to set a public hearing date of July 21, 2003, to discuss the use of tax increment financing and the Near North Redevelopment Project Area and Redevelopment Plan. Approval of this ordinance does not create a t� increment district nor approve any specific plans. It is merely fulfilling a statutory requirement to set a public hearing date. City staff is preparing an analysis of the use of tax increment financing which will include estimates of the total amount of incremental revenue to be generated. That material will be presented at a Cou.ncil meeting prior to actually adopting an ordinance creating a tax increment district. STAFF REFERENCE: If Council members have questions they may contact A.J. Krieger, 424-2727, �krieger(a�decaturnet.org .