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'' . <br /> ECONOMIC AND URBAN DEVELOPMENT DEPARTMENT <br /> MEMORANDUM# 00-111 <br /> July 6, 2000 <br /> To: Honorable M yor Terry M. Howley and City Council Members <br /> From: Steve Ga City Manager <br /> A.J. Kriege , ssistant City Manager�i <br /> V <br /> Re: Removal of Fairview Plaza from O1deTowne Tax Increment Finance Area <br /> Attached to this memo is an ordinance removing Fairview Plaza, as well as property generally <br /> located west of Fairview Avenue and north of Fairview Park, from the O1deTowne taac increment <br /> financing district; property that was originally necessary to include the plaza in the <br /> redevelopment project area. Removal of these areas means that no tax increment funds will be <br /> captured from andlor allocated to this property. <br /> Per Council's direction, staff has negotiated an economic development agreement that among <br /> other things, provides for the redevelopment of the existing Fairview Plaza retail center without <br /> the use of tax increment funds. Removal of this area will allow the various taxing districts to <br /> benef t fully from any increase in its assessed valuation once the current enterprise zone expires. <br /> Staff recommends approval of the attached ordinance. <br />