7.0. EDSR 12-12-1994 AGENDA ITEM NO. 7
• POTENTIAL PUBLIC/PRIVATE PARTNERSHIPS
RE: WESTERN AREA BUSINESS PARK
BACKGROUND:
• $300,000 has been allocated from TIF No. 1 and TIF No. 3
• (Limitation is: land purchases only)
• $430,000 has been allocated from former TIF No. 4
• (Limitation: Uses must be consistent with the objectives of the TIF
Plan for TIF No. 4 - "To allow development of the western area of
the City" i.e., business park)
• Owners of the B-P property (and others) have been assessed for
trunk sanitary sewer/water @ $3,800 /acre
• Other "lateral" assessments (water, sewer, streets, etc.) will follow
as sites are platted
• Some B-P lots will develop with limited commercial/retail uses
• City/EDA endorses "limited" commercial
ISSUE:
How does City/EDA allocate limited public funds to provide greatest
assistance in the development of the Business Park?
Do developers/owners of B-P property have specific suggestions in
utilizing limited public funds?
SUGGESTIONS:
Use TIF Funds to pay for a portion of the infrastructure costs; or,
Use TIF Funds to defer assessments on various sites; TIF Funds are
paid back as land sales occur
REQUESTED ACTION:
• Refer public/private partnership matter to B-P Task Force. Task
Force must bring back recommendation(s) by EDA's January
meeting
•
• Have B-P owners present ideas for partnership