City Council Meeting Date: October 1, 2019
To: Mayor and City Council
City Administrator
From: Nate Carlson, Economic Development Coordinator
Title
Public Hearing on TIF Request for Fifth Street Lofts.
Body
Action Requested:
The City Council will hold a public hearing on the TIF request for Fifth Street Lofts. See "Public Hearing Procedure (taken from City Council Rules of Business)" in the Summary Report section provided in this memorandum.
Summary Report:
No action is taken during the public hearing. Following the public hearing, Council will be considering a Resolution for approval of the TIF District and the TIF Agreement.
Project Background Summary
Rebound Stencil Development, LLC is proposing to construct a $13.66 million urban residential complex at the southwest corner of 5th Street East and Washington Street. The proposed redevelopment project includes enclosed parking for tenants. There are significant site improvements with this redevelopment project, as well as site acquisition costs. These costs, as well as the shortfall in operating cash flow, are eligible uses for TIF as well as other incentives that will be considered by the EDA and the City to make the project financially feasible.
See attached presentations for details on the project and proposed tax increment financing. City staff and Nick Anhut with Ehlers will be presenting at the meeting.
Public Hearing Procedure (taken from City Council Rules of Business):
A Public Hearing is used by the City Council to solicit the public's comments on various projects or City operation procedures.
A. The Chair will open the hearing by identifying the subject.
B. Staff presentation - staff will give a presentation on the subject.
C. Applicant's presentation- if needed.
D. Public Input - The public will have the opportunity to speak for or against the issue. The public may ask questions, make comments, voice support, agree or disagree with the issue.
1. The Chair will recognize ...
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