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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 02/28/2013 - CONTINUATION OF PUBLIC HEARING ON THE SUBJECT OF ADATE: February 28, 2013 STAFF: Bruce Hendee Josh Birks AGENDA ITEM SUMMARY FORT COLLINS CITY COUNCIL 4 SUBJECT Continuation of Public Hearing on the Subject of Amending the Midtown Urban Renewal Plan to Authorize the Use of Tax Increment Financing in the Foothills Mall Area of the Plan. EXECUTIVE SUMMARY Staff has proposed that the Midtown Urban Renewal Plan be amended to authorize the use of tax increment financing in the Foothills Mall area of the Plan. As required in connection with such an amendment, notice was provided to all property owners, residents, and owners of business concerns in the Urban Renewal Area, and to Larimer County, and was published in the Fort Collins Coloradoan. In addition, an economic impact analysis of the proposed action was provided to Larimer County. All of the matters for consideration identified in the notices, other than the issue of amending the Plan to authorize the use of tax increment financing in the Foothills Mall area of the Plan, are being considered on this date, and are the subject of Resolution 2013-014. Staff is requesting that this portion of the public hearing described in the notices and consideration of this item be continued to a date certain, March 27, 2013, in order to allow further time for discussion with Larimer County regarding the potential impacts of the TIF District and the proposed redevelopment on County revenues. BACKGROUND / DISCUSSION The Midtown Urban Renewal Plan (Plan) was adopted by the Urban Renewal Authority (URA) Board in September 2011, and ratified and reaffirmed February 2013. The purpose of the Plan is to provide the URA the opportunity to use tax increment financing (TIF) to remediate blighted conditions through development and redevelopment. In July 2012, Walton Foothills Holdings IV, LLC (Owner), purchased Foothills Mall and adjacent property with the intent to complete a significant redevelopment. An Agreement to Negotiate was executed between the Owner and URA in November 2012, and discussions with regard to the public financing package have been occurring since; one component of the package being TIF via the URA. In order to utilize TIF, City Council must first amend the existing Plan and create a TIF District. When a TIF District is created, the URA would collect incremental tax revenue for a period of 25 years. Notice was mailed to all property owners, residents, and owners of business concerns in the Urban Renewal Area on January 25, 2013, and published in the Fort Collins Coloradoan on January 26, 2013, that a public hearing would be held by the City Council on February 28, 2013, for the purpose of (1) ratifying and reaffirming that the area included in the Midtown Urban Renewal Plan is a blighted area as described in Section 31-25-103, C.R.S., (2) ratifying and reaffirming the adoption of the Plan, including the adoption of the Prospect South Tax Increment Financing District, as described in Section 31-25-107, C.R.S., (3) ratifying and reaffirming that the Fort Collins Urban Renewal Authority is authorized to acquire real property by all legal means, including eminent domain, and to convey real property so acquired to private parties, all as described in the Plan, (4) amending the Plan to authorize the use of tax increment financing in the Foothills Mall area of the Plan; and (5) other undertakings and activities in accordance with the Colorado Urban Renewal Law, Sections 31-25-101, et seq., C.R.S. All of the matters identified in the notices, other than the issue of amending the Plan to authorize the use of tax increment financing in the Foothills Mall area of the Plan, are being considered on this date, and are the subject of Resolution No. 2013-003. Staff is requesting that this portion of the public hearing and consideration of this item be continued to a date certain, March 27, 2013, in order to allow further time for discussion with Larimer County regarding the potential impacts of the TIF District and the proposed redevelopment on County revenues. When the URA is considering amending an urban renewal plan or creating a new TIF District, Colorado Revised Statutes § 31-25-101 et seq. (Urban Renewal Law) requires the URA to notify Larimer County (County) and provide an estimation of any fiscal impacts. The URA provided an impact report to the County on January 25, 2013, 30 days prior to the February 28 public hearing. However, consideration of the Resolution to amend the Plan and create the TIF District is being continued until March 27, 2013 to allow dialogue regarding the estimated impacts to continue between the URA and County. February 28, 2013 -2- ITEM 4 FINANCIAL / ECONOMIC IMPACTS Continuing this Public Hearing has no direct financial/economic. ENVIRONMENTAL IMPACTS Continuing this Public Hearing has no direct environmental impacts. STAFF RECOMMENDATION Staff recommends continuation of this item by City Council to March 27, 2013.