1977-03-29 - Laserfiche WebLink

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' Council Proceedings 3 City of New Brighton March 29, 1977 Special Meeting 6. The stockyards with no definite timetable. Commissioner gebelein stated that several alternate plans for the downtown area had been reviewed The plan shown in the redevelopment plan involves the retention of several existing buildings with the construction of new buildings, closing of roads and the increase in parking areas. He noted that veterans park was shown to be expanded along with the City Hall and that a building for the elderly was shown in the southeast quadrant of 5th Avenue NW and 10th Street NW. CommissionerRebel ein next reviewed the acquisition: plan. He stated the plan placed land in three categories: 1. To be acquired 2. Proposed to be acquired 3 Not to be acquired He stated it was the intent to acquire property by project phases and the intent to encourage private development of property designated pr9p6sed to be acquired. He stated that the financing guideline was that there be no direct cost to the taxpayer, and therefore the tax increment method was arrived at as the primary financing tool. He stated that the tax increment district was proposed to be the same as the development area. He explained that the theory of tax increment financing was that the new tax base which resulted from redevelopment would pay the cost of land acquisition, demolition and land write down, and that when redevelopment was completed the new tax base would be added to the taxpayers of.the City thereby reducing taxes. CommissionerRebelein reviewed -the process control section of the plan noting the following elements which required Council approval: 1. The redevelopment plan itself 2. The detailed plans for each phase 3. Any bonds to be.issued 4. Any lands to be acquired 5. Any rezoning required 6. Any code changes to be made_ He noted that if the plan were approved, the next step would be development of phase area plans after public meetings.