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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: Nov. 15,2016 |
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Staff Contact: |
Britt Crum-Cano, Diane Stoddard |
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Recommendations/Options/Action Requested: |
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Adopt Ordinance No. 9304 on second and final reading, establishing a Neighborhood Revitalization Area at 826 Pennsylvania Street.
Authorize the City Manager to execute the following agreements: · Neighborhood Revitalization Plan & Performance Agreement between the City and Applicant; · Cooperative agreement between the City, County and School District on NRA administration; and · Agreement with the Applicant requiring project affordable housing compliance and reporting over thirty years. |
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Executive Summary: |
The request for pubic incentives for the 826 Pennsylvania Street project has been considered by the City Commission and the County Commission. The School Board is scheduled to meet on November 14, 2016. Staff will have an update for the City Commission on School Board action at the November 15 meeting. The NRA request is now ready for City Commission final action.
To recap, at their November 1, 2016 meeting, the City Commission received advisory board recommendations, authorized an IRB resolution of Intent for obtaining a sales tax exemption on project construction materials and remodeling labor, and held a public hearing to consider the request, voting to authorize a fifty percent (50%), 10 year NRA for the project.
At their November 2, 2016 meeting, the County Commission received recommendations and voted to authorize an eighty-fiver percent (85%), 10 year NRA for the project.
The NRA statutes allow the plan to reflect individual participation by each of the taxing jurisdictions. With past NRAs, all taxing jurisdictions have opted to participate based on the same schedule. However, any taxing jurisdiction could independently opt to participate on a different rebate schedule or not participate in the plan at all. There is more administrative work on the County in particular if different rebate schedules are adopted for the same project. |
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Strategic Goal Area: |
Economic Development |
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Fiscal Impact (Amount/Source): |
Cost-benefit analysis shows a minimum of a 1.36 ratio for the City (for every $1 in public incentives, $1.36 of benefit value is returned). Gap analysis supports the request. |
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