Title
An Ordinance approving the Petition for establishment of the Cedar Creek Community Improvement District.
(Note: First reading by City Council on September 22, 2020.)
Body
Issue/Request:
An ordinance to approve the Cedar Creek Community Improvement District which includes certain commercial areas of the Cedar Creek Shopping Center 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.
Proposed City Council Motion:
I move for adoption of An Ordinance approving the Petition for establishment of the Cedar Creek Community Improvement District.
Second Motion: I move for adoption of An Ordinance approving the Petition for establishment of the Cedar Creek Community Improvement District.
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. 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 of about $1.5 million in principal costs 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 co...
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