Title
Presentation and consideration of request to extend Land Clearance for Redevelopment Authority (LCRA) abatement - The Stanley Event Space, 25 SE 3rd Street; The Stanley Event Space, applicant.
(Note: This item was continued from October 15, 2019 per the applicant's request.)
Body
Issue/Request:
Presentation and consideration of request to extend Land Clearance for Redevelopment Authority (LCRA) abatement - The Stanley Event Space, 25 SE 3rd Street; The Stanley Event Space, applicant.
Key Issues:
The Stanley Event Space will be providing a conceptual presentation to the Mayor and Council requesting a two-year extension on the LCRA abatement period for this LCRA redevelopment project. The approved LCRA abatement is scheduled to terminate at the end of 2019. City staff has directed the applicant to present this request in a conceptual manner (similar to a conceptual economic development incentive request) for the following reasons:
1. The ordinance approving the LCRA redevelopment project and abatement contains a provision in Section 7 stating "There shall be no opportunity for renewal of the incremental tax abatement period."
2. The LCRA statutes do not contain a defined process by which redevelopment projects may be reconsidered.
3. The request to extend the abatement period exceeds the adopted Economic Development Incentive Policy threshold of 50% overall abatement through the use of LCRA.
The purpose for the conceptual presentation/request is to receive Mayor and City Council feedback and direction before proceeding through a formal consideration through the LCRA and City Council. The applicant wishes to extend the abatement period for 2 years due to Jackson County valuing the improvements at a lesser market value than anticipated during the 5-year abatement period, and higher than anticipated redevelopment costs of the project.
Prior to considering this request, the Mayor and Council requested staff develop and prepare policy amendments ...
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