ACTION REQUESTED:
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Communication from the City Manager and Community Development Director with a Request to APPROVE and Enter into a CONTRACT with TESKA ASSOCIATES, INC., in an Amount not to Exceed $24,450.00, for Tax Increment Financing (TIF) Services for Properties Generally Bounded by NORTH UNIVERSITY STREET, WEST WAR MEMORIAL DRIVE, WEST FLORENCE AVENUE, and NORTH PARISH AVENUE. (Council District 2)
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BACKGROUND: The City released an RFP soliciting TIF consulting services. The specific services requested included an eligibility review, the development of a project redevelopment plan, and all associated tasks.
Three responses were received. A review committee ranked all three applications and selected Teska Associates, Inc. as the winning bidder. Teska also assisted the City in the development of the East Village and South Village TIF districts.
The total bid is $24,450. However, the initial phase to determine eligibility is $5,700. Therefore, if the area is found to not be eligible the City will have no further expense. The City will be reimbursed for the cost of the full project from future increment if the TIF is established.
Teska anticipates that the TIF adoption documents could be presented to the Council in May 2021.
The area in question is generally bounded by University, War Memorial, Florence, and Parish. Most of the subject area is vacant land or vacant buildings. In the past, the vacant land was the location of the McComb Chevy dealership, and the vacant buildings were the home to RJ Distributing. The area has struggled to attract new development and the TIF will provide an incentive for future development that would not occur but for the creation of a TIF district.
FINANCIAL IMPACT: An initial outlay $5,700 to determine eligibility to be funded from account 1011125-503035. Should the area be determined as eligible a budget amendment will be brought back when the TIF is established and the $24,450 will be reimbursed the from the ...
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