ACTION REQUESTED:
Title
Communication for the City Manager and Finance Director/Comptroller with a Request to Approve an ORDINANCE ABATING the Tax Heretofore LEVIED to Pay SPECIAL SERVICE AREA TAXES on the RIVERWEST NEIGHBORHOOD (Formerly the COLONEL JOHN WARNER HOMES DEVELOPMENT).
Body
BACKGROUND: The attached ordinance abates the taxes levied for payment on the Riverwest Neighborhood Special Service Area. According to the agreement between the City and the developer, the incremental property taxes generated from the special service area are pledged to pay the indebtedness of the bonds issued for said project. If the incremental property taxes are not sufficient, the shortfall is assessed as a Special Service Area Tax. The required 2014 debt service is $120,750. There is sufficient tax increment on hand to abate the Special Service Area Tax.
FINANCIAL IMPACT: Reduction in Riverwest Special Service Area Tax of $120,750.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: Compliance with the terms of the signed development agreement.
IMPACT IF DENIED: Failure to meet the terms of the signed redevelopment agreement.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
2. Attractive Neighborhoods with Character: Safe and Livable
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
2. Keep taxes and fees competitive.
3. Have an efficient government.
DEPARTMENT: Finance