Title
AN ORDINANCE TERMINATING AND DISSOLVING THE CHAPEL RIDGE TAX INCREMENT FINANCING PLAN, SPECIAL ALLOCATION FUND, AND THE TAX INCREMENT FINANCING ASSOCIATED THEREWITH, AND TERMINATING THE DESIGNATION OF THE REDEVELOPMENT AREA UNDER SAID PLAN AS A REDEVELOPMENT AREA. (F&BC 5/8/17)
Body
Issue/Request:
TO APPROVE AN ORDINANCE TERMINATING AND DISSOLVING THE CHAPEL RIDGE TAX INCREMENT FINANCING PLAN, SPECIAL ALLOCATION FUND, AND THE TAX INCREMENT FINANCING ASSOCIATED THEREWITH, AND TERMINATING THE DESIGNATION OF THE REDEVELOPMENT AREA UNDER SAID PLAN AS A REDEVELOPMENT AREA
Key Issues:
Whether to approve the Ordinance to terminate and dissolve the Chapel Ridge Tax Increment Financing Plan, Special Allocation Fund, and the Tax Increment Financing associated therewith, and, terminate the designation of the Redevelopment Area under said plan as a redevelopment area.
Proposed Council Motion:
FIRST MOTION: I move for second reading of AN ORDINANCE TERMINATING AND DISSOLVING THE CHAPEL RIDGE TAX INCREMENT FINANCING PLAN, SPECIAL ALLOCATION FUND, AND THE TAX INCREMENT FINANCING ASSOCIATED THEREWITH, AND TERMINATING THE DESIGNATION OF THE REDEVELOPMENT AREA UNDER SAID PLAN AS A REDEVELOPMENT AREA.
SECOND MOTION: I move for adoption of AN ORDINANCE TERMINATING AND DISSOLVING THE CHAPEL RIDGE TAX INCREMENT FINANCING PLAN, SPECIAL ALLOCATION FUND, AND THE TAX INCREMENT FINANCING ASSOCIATED THEREWITH, AND TERMINATING THE DESIGNATION OF THE REDEVELOPMENT AREA UNDER SAID PLAN AS A REDEVELOPMENT AREA.
Background:
The Chapel Ridge Tax Increment Financing Plan was approved and the Chapel Ridge Redevelopment Area as well as the Special Allocation Fund and tax increment financing for the Redevelopment area were established by Ordinance 5070 passed on December 7, 2000. The Plan was subsequently amended by Ordinance 6227 passed on July 27, 2006. The Chapel Ridge TIF Redevelopment Area was created to develop land North of Strother Road, formerly included in the North Tax I...
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