Title
Public Hearing - Cedar Creek Community Improvement District
Body
Issue/Request:
Public hearing to consider approval of the Cedar Creek Community Improvement District which includes certain commercial areas of the Cedar Creek Shopping Center, and which would impose a new 1% sales tax with a maximum duration of 25 years in order to fund rehabilitation and reconstruction work within the boundaries of the District.
Key Issues:
Approval of a new CID which would impose a 1% sales tax within the boundaries of the proposed CID to fund rehabilitation and redevelopment costs.
Background:
Cadence Commercial Real Estate (“Developer”), through its subsidiary entities which own property within the proposed CID area, have filed a Petition for the formation of a new CID in the southern portion of the Cedar Creek Shopping Center and a parcel of property on the north side of 3rd Street which is connected to the main CID area by rights-of-way. The CID would impose a new 1% sale tax on the commercial retail businesses in the CID area.
The CID is proposed to fund the following rehabilitation and reconstruction improvements and associated soft costs in the combined total principal costs of about $1.5 million over the life of the CID:
· Main Center Building Façade improvements
· Parking Lot improvements and common area reconfiguration
· Landscaping
· Signage
· LED Lighting
· Pizza Hut building remodel
Developer estimates that the CID will generate about $90,000 per year by the year 2023 (increasing each year due to sales growth). Developer estimates that this will generate sufficient funds during the life of the CID to fund all projected costs.
The ordinance would make the CID approval contingent upon the CID entering into a cooperative agreement with the City for implementation of the District. The cooperative agreement would include the following safeguards and protections for the City:
· The City Finance Department would receive the CID revenues from the Departm...
Click here for full text