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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 02/13/2007 - URBAN RENEWAL AUTHORITY BLIGHT STUDY AND PLAN FOR DATE: February 13, 2007 WORK SESSION ITEM STAFF: Chip Steiner FORT COLLINS CITY COUNCIL Joe Frank SUBJECT FOR DISCUSSION Urban Renewal Authority Blight Study and Plan for the Downtown Area. GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED 1. Does Council have any questions regarding establishing an urban renewal plan for the Downtown Area? 2. Does the Council agree staff should prepare the requisite blight study and urban renewal plan for the Downtown Area? 3. Does Council agree with the schedule for establishing an urban renewal plan for the Downtown Area? BACKGROUND The Downtown Area has used a voter-authorized Downtown Development Authority to help in its revitalization. The DDA was established in 1981. Its ability to use tax increment financing expires in 2011. Tax increment financing(TIF) is a primary mechanism for implementing the Downtown Plan of Development, the Downtown Plan, and the Downtown Strategic Plan. With the expiration of the DDA's TIF program, the Downtown Area will lose this important funding mechanism. In part,through the efforts of the DDA,the City has made tremendous strides in turning downtown Fort Collins into one of the best urban neighborhoods in the country. Yet,there is much still to be done. Because there are a number of large programs and projects on the drawing table, the City is seeking to establish a new urban renewal tax increment program overlaying the Downtown Area. These include a hotel/convention center/public parking, an amphitheater, the Beet Street Program, the implementation of the projects being developed through the Downtown River District Infrastructure Plan, the Discovery Science Center/Museum, renovation of Old Town Square, and various other public and public-private partnership development proposals. The establishment of an urban renewal TIF district will be able to help finance these large programs and projects beyond the expiration of the DDA tax increment district. February 13, 2007 Page 2 PROGRAM MECHANICS 1. Using DDA and URA Tax Increment. DDA would continue to collect tax increment through the year 2011. The URA's base year for TIF allocation would begin upon adoption of the urban renewal plan(2007),but it would not collect or expend any revenues until 2012. 2. Impact on other taxing districts. A new URA tax increment base will be set in 2007 with the approval of an urban renewal plan. The DDA tax increment will expire in 2011. Upon expiration of the DDA TIF, the new 2007 URA base will apply and any tax increment will then accrue to the URA. Beginning in 2011,the taxing districts will begin receiving taxes based upon the 2007 URA base. The projected increase in property tax revenues,beginning in 2011,is expected to be at least$3.4 million. Of that,the Poudre School District would begin receiving$1.7 million annually, Larimer County would begin receiving$850,000 annually, the City would begin receiving $300,000 annually, and the balance would be divided among the rest of the overlapping taxing entities. 3. Proposed URA boundaries. Staff is currently finalizing the proposed boundaries of the new urban renewal plan area. It will likely include a larger area than the current DDA boundaries, adding some new areas which have been targeted for redevelopment that could benefit from the resources and activities of the Urban Renewal Authority. 4. Administration. DDA and City staff have had conceptual discussions regarding the administration of the URA downtown district. There are options to consider. This decision will be for City Council to make. In the short term(prior to the DDA tax increment expiring), the URA's administrative costs should be negligible. A decision regarding longterm administration will have to be made before 2011 when the DDA tax increment expires. URA and DDA staff are in the process of developing options for presentation to Council at a later date. NEXT STEPS Key to the establishment of an urban renewal plan area is the determination of the Downtown as a blighted area. Secondly,the Council will need to approve an urban renewal plan for the area. The City's URA staff will provide project management for the preparation of the blight study and plan. Property owners and tenants will be notified and given an opportunity to comment on both documents; a newspaper notice will be published; a public open house will be held; and staff will contact affected taxing districts. There is some urgency to this since the State may be changing URA legislation in the next few months. Since it is not known what those changes may entail, staff urges proceeding as soon as February 13, 2007 Page 3 possible with this study and plan, establishing the urban renewal area, prior to any change in State legislation. The proposed schedule is as follows: • NOW Begin preparation of blight study and urban renewal plan • 02/20/07 Council refers urban renewal plan to the Planning and Zoning Board • 03/07/07 Public Open House • 03/15/07 Planning and Zoning Board Hearing • 03/20/07 City Council hearing on Blight Study and Urban Renewal Plan ATTACHMENTS 1. Proposed Downtown URP Boundary. 2. Power Point Presentation. � 1 1 1 1 � 1 1 ■ � i 1 1 . — . 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Does Coundl a� �Iee at e o o e �- sc du I e o spa t�J i s h u air new.al an. b�-�-� - ce t-r-al , S dies istxict� Imp for a downto enewal ij plan : � \ i/ Downtowm eds th continued s ft fit x � po increment-fiinanci that has been rovided� "ro g h� he Downtow De e opmLnt Ai t�hori ff 2 . h e DD 4's ab�o us x inc � �� in expires in� .201 � An-urban Ian would allow for the rough 2032 . 4 . There are large �?en ing pro "ed5that will red ire signific rat-pukalic i est ents includ ng : lote 'O� and convents -enter ► mphitReate ► �Cgm unity Marke Addition�ki g fa " lities Beef Street Renovation f�Old o n Square ► Downtov�i r� RivBr Di tri Infra tr ctu mm o men Discoverer Sci ce en r�ln -Mu � J_ y ' � J J J J • ,moo - � � � I1 � 1 � J ' • - � S � rl � � 11 � 1 � � - ��1 V � Allocation se of Tax Increm D � woul continue to use tax increme t is 000/ "\ ►i � �B ��, , pp -ovmg the ban r ewal� �a its ba e ear for tax i r " t oUld -I�eWow ver . ■ It u��im no use it T �F allo a i unt-i1 20127a d b yo ' —� H !12r�r � JJJr ] r ] � r � Ji � i Pr ro - - r i 1serJ J � � � r rr �� r . 1 rI � � , � Los�� , � � �Ild rjr ] ] r ] � Impart o n h ax ing Districts Anapproved - bb ew�i re d al pIan w,)'iff esta� li4hl "i� ba e year`as-2067 . Ithough ac�yal t� in r� rhF�Y reuesbvill continu -tp be I"I catefl to`t e bD� a�rou 20fl�th RA '111 rkceiv�e ,ihgn f haUate . Wit x ira on f theDDA'sta Onc�rer� district ihrbughn=2011�all obits a�lo¢ati � �2 �05 will ' be distritruted �o-the .C�t�; Codn o6( District, ) a� er over� �,ping�axng jndu as Octio T il �h egning i eans ra`20 �, he ity would Eceive ab of $ 3 , OY� d i ddmtmo al 'an� a�even�es � � ounty would receive about 8 0 000 d ] aal reJenues J *000 � oc91 Dn� uld ee ive taut flion in nn� nu s . Now r Proposed URP U n A Boundary Nin • I = IIIIII � ■ _ ► Li h Bluei - _ ° -=-s ••�•� Existing DDA of�� District Illi illll� 1 SsF►:IiF�iii! i.?iA!�!i!.!►_O'.�2�!�!►2�!�0 WaWart III IIII� Illli�: -. i/ .,Y., r, �• tl"' .. IiYit��.�J Il Ili EII I� -� - Cross Hatch— ` � II■ 11 —•,..•,.,• 111= rill ■_ _ ® - . 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Noti ca ior�-6f jSro er o '✓ erg nd e is the proposeci ***Nplan oIled by p i open ho e eetir�� s v� ' th a i er nty d ou R o1 o. it a o# n Urb Renewa Schedule On'" MaL MA J�J J ��1 i ' r r !J �J y �� r � �J A PJin t the P &Z Boa .. • 3 / 07/ 07mo -wmOP - n Hoi..,)S) e 3 f5/ 07MOME P &Z Bo rd \N/ evi ' 3 / 20/ 07momoCouncil hearin ign , � _ • c J �] r ] � r � � �JJ � rrJr �� r J � J r J - Ni�1 j rl ] rl ] r. c • �J rl ] • • � • - � c • • � . - - mlo . - rl � � � l � � s �f � � > >