Title
Public Hearing - New Longview Community Improvement District
Body
Issue/Request:
Public Hearing - New Longview Community Improvement District
Key Issues:
This is the public hearing for the Council to receive evidence and testimony regarding the proposed New Longview Community Improvement District.
Background:
Developer M-III Longview, LLC (“Developer”), along with several other property owners in the Longview area, have filed a Petition for the formation of a new CID in the Longview area. The City Council has previously approved two TIF plans (2003 and 2015) and a transportation development district (2003) in the Longview area, and this CID request is a new funding district that is not directly connectied with the prior incentive approvals by the Council.
The CID would impose a new 1% sales tax on the commercial retail businesses in the Longview area. Developer is requesting that none of the CID sales tax revenues would be captured by the two active TIF plans in the Longview area and all of the CID sales tax revenues would be devoted to CID purposes and public improvements.
The CID is proposed to fund the following public improvements and associated soft costs in the combined total of about $5.5M over the life of the CID:
· Activity Plaza west of the theater
· Traffic Signal at 3rd & Kessler and other street improvements
· Grading, Paving and Utilities for right-of-way and shared parking stalls
· Streetscape and Landscape improvements in right-of-way and common areas
· Structured Parking (160 spaces)
· Maintenance of the North Arch
Developer estimates that the CID will generate about $250,000 per year by the year 2022 (increasing each year due to sales growth). Developer estimates that this will generate about $9 million over the 30-year life of the District with a net present value of about $4.2 million.
The ordinance would make the CID approval contingent upon the CID entering into a cooperative agreement with the CID for implementation of the...
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