Title
AN ORDINANCE APPROVING REDEVELOPMENT PROJECT G FOR THE NEW LONGVIEW TAX INCREMENT FINANCING PLAN AND ACTIVATING THE COLLECTION OF TAX INCREMENT FINANCING REVENUES THEREIN.
(NOTE: SECOND READING ONLY. First Reading was done on December 17, 2015.)
Body
Issue/Request:
Developer is requesting the second reading and adoption of Bill No.15-231. The adoption of this ordinance would activate "Project Area G” for the New Longview TIF, as development within this project area is under progress.
Key Issues:
This ordinance will approve Project G for the Longview Farm Tax Increment Financing Plan. This is the location of the movie theater that is under construction. This should be approved in 2017 to establish the proper base level of taxes for the collection of Economic Activity Taxes and Payments In Lieu of Taxes in future years.
Proposed City Council Motion:
First reading done on December 17, 2015
I move for adoption of Bill No. 15-231, AN ORDINANCE APPROVING REDEVELOPMENT PROJECT [G] FOR THE NEW LONGVIEW TAX INCREMENT FINANCING PLAN AND ACTIVATING THE COLLECTION OF TAX INCREMENT FINANCING REVENUES THEREIN.
Background:
The background for this item is set forth in the December 8, 2015 memorandum from David Bushek with Gilmore Bell. The Council approved the TIF Plan in 2015 and this is one of the 15 project ordinances that will activate the collection of TIF revenues in a sub-area of the TIF Plan. To date, the only redevelopment project areas activated under the 2015 New Longview TIF plan is redevelopment project area "A" and "N". If this ordinance is adopted, this will activate the third redevelopment project area within the TIF plan
Presenter
Presenter:
David Bushek, Gilmore & Bell, P.C.
Committee Recommendation
Committee Recommendation: The TIF Commission held a meeting to conduct a public hearing and deliberate on the proposed amendment to the 2003 TIF Plan and the proposed New Longview TIF Plan, and then voted unanimously to approve both plans...
Click here for full text