Loading...
HomeMy WebLinkAbout03/05/1998City Council Meeting Page 2 Thursday, March 6, 1998 -11:30 a.m. STUDY SESSION ' 1. REDEVELOPMENT FINANCING (File No. 207 -06) Council considered a report from Urban Futures, Inc. on redevelopment financing concepts. Assistant CAO Hampian introduced Jon Huffman, Executive Vice President, and Richard Tillberg, Vice President, of Urban Futures, Inc. Mr. Huffman and Mr. Tillbera presented a workshop, detailing various redevelopment issues as they would apply to San Luis Obispo. They reviewed the general purposes, powers and reasons to use redevelopment. Mr. Huffman explained the thirty year maximum time frame for Redevelopment Agency (RDA) plans. He clarified that the agency works with a private developer to make the development of urban land profitable. Mr. Huffman and Mr. Tillbera explained how a redevelopment project area is established and how RDAs fund redevelopment. He said that the increment of taxes distributed to the agency would be based on a formula that uses the increase in tax increment above the amount established in the base year (when the plan is adopted). Finance Director Statler emphasized the importance of establishing the need for an RDA with other affected agencies. Mr. Tillbera clarified that costs for RDA projects include establishment, administrative and investment costs. Mr. Huffman reviewed the issue of eminent domain, and Mr. Tillbera explained the 20% affordable housing set aside requirement and how a redevelopment plan is implemented. He said that to activate the agency (adopt a redevelopment plan, develop an implementation strategy and begin implementation) would take about 24 months. Vice Mayor Smith left the meeting at 1:15 p.m. Mayor Settle opened the meeting for public comment. Pierre Rademaker. BIA, encouraged Council to consider including areas other than only the mid - Higuera area and Central Coast Mall in a redevelopment plan. He said other areas such as specific downtown properties and the Foothill area should be included. Shelly Stanwvck, Chamber of Commerce, agreed with the previous speaker. Andy Trackman, MBK, stated that his organization has worked with RDAs in other communities, and they have been helpful tools. He asked that his organization be included in any further discussions. Mayor Settle returned discussion to the Council. 1 Moved by RomeroWilliams to receive report and direct staff to negotiate a contract to complete a more detailed feasibility study relative to the Mid - Higuera and Madonna Road shopping areas, as well as other areas as determined by staff and return to Council for contract award; motion carried (4 -0-1, Smith absent). City Council Meeting Thursday, March 5, 1998 -11:30 a.m. Page 3 There being o further business to come before the C' Council Mayor Settle adjourned the 9 City v 1 meeting at 1:30 p.m. to Tuesday, March 17,1998 at 4:00 p.m. in the Council Chamber, 990 Palm Street, San Luis Obispo. APPROVED BY COUNCIL: 3/17/98 BG:dr nnie L. Ga City Clerk 1 1