ACTION REQUESTED:
Title
Communication from the City Manager and the Community Development Director with a Request to Concur with the Recommendation from the East Village Growth Cell Tax Increment Financing Economic Development Advisory Committee, and the East Village Growth Cell TIF Redevelopment Plan and Project, for the following:
A. APPROVE the EAST VILLAGE GROWTH CELL (EVGC) Housing Program and Associated Program Guidelines; and
B. APPROVE the Designation of $250,000.00 in Available TIF Increment to the EVGC HOUSING PROGRAM for 2016 and 50% of the Unrestricted TIF Fund Balance to the HOUSING PROGRAM for Subsequent Years Thereafter, for the Remaining Life of the TIF.
Body
BACKGROUND:
The EVGC Advisory Committee has been working diligently with residents of the neighborhood, for almost 5 years, to develop the guidelines for a housing program that will assist in the rehabilitation of existing housing stock and the increase of the overall value and attractiveness of the neighborhood. The process has been a very public and inclusive process, in an effort to create of program that would best serve the residents of the neighborhood.
Background on the EVGC TIF Redevelopment Plan:
On March 22, 2011, Council approved the EVGC TIF Redevelopment Program Plan and Project Area. The Study found that the Project Area is eligible for designation as a blighted area, due to the predominance and extent of the following blighting factors:
* Deterioration of buildings and site improvements,
* Code violations,
* Inadequate utilities,
* Excessive Vacancies and
* Lag in growth of equalized assessed value.
Due to the large amount of housing in the Project Area, a Housing Impact Study was required. The Study found that the area contained an estimated 3,232 residential units and based on the 2009 HUD Income Data, approximately 88% of the households within the study area qualify as very low, low, or moderate income.
To mitigate the blightin...
Click here for full text