Title
AN ORDINANCE APPROVING THE FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED LONGVIEW FARM TAX INCREMENT FINANCING PLAN.
Body
Issue/Request:
ORDINANCE APPROVING THE FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED LONGVIEW FARM TAX INCREMENT FINANCING PLAN
Key Issues:
This ordinance will approve the First Amendment to the Second Amended and Restated Longview Farm TIF Plan that was approved by the City Council in December 2015. The amendment will add the North Arch to the definition of Historical Structures and amend the estimated redevelopment project costs to include the estimated costs associated with restoration of the North Arch. The North Arch is located at the intersection of 3rd Street, View High Drive and Longview Boulevard, north of the Hawthorn Bank building.
The amendment presents no net increase in the total costs of historic preservation that is funded by the TIF Plan and the City Loan. The total amount to be funded under the City Loan remains at a maximum of $3.65 million with this amendment.
The amendment also adjusts the Exhibit 6 Budget to match the facts known at the time that the Tax Increment Financing Contract between the City and M-III Longview, LLC (the “TIF Contract”) was executed on December 1, 2016: (1) the Reimbursable Project Costs associated with the Show Horse Arena have been repaid in full and are now $0; (2) the line-item for Farm Office and Dairy Manager’s House Rehabilitation has been adjusted down to $150,000; and (3) Lake Rehabilitation has been added to the Reimbursable Project Costs which may be funded pursuant to the City Loan as the result of having the Show Horse Arena fully repaid.
Proposed City Council Motion:
First Motion: An ORDINANCE APPROVING THE FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED LONGVIEW FARM TAX INCREMENT FINANCING PLAN, I move for second reading.
Second Motion: An ORDINANCE APPROVING THE FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED LONGVIEW FARM TAX INCREMENT FINANCING PLA...
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