Title
Public Hearing: Valle Vista Community Improvement District
Body
Issue/Request:
Public hearing to consider approval of the Valle Vista Community Improvement District which would impose a new 1% sales tax with a maximum duration of 27 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:
LS Valle Vista 2018, LLC, (“Developer”), an entity affiliated with Block & Company, Inc., has filed a Petition for the formation of a new CID over the Valle Vista Shopping Center located west of Highway 291 north between Chipman Road on the north and Columbus Street on the south, not including the northeast and southeast lots in the shopping center. The applicant gave a conceptual presentation to the City Council on this proposed CID on June 7, 2022, and the Council provided positive non-binding feedback. The CID would impose a new 1% sale tax on the commercial retail businesses in the CID area.
The Developer is proposing to undertake a renovation project of the shopping center that is expected to cost a total of about $14.9 million. The CID is proposed to reimburse Developer for following rehabilitation and reconstruction work in the combined total of about $3.9 million:
• Asphalt mill, paving and repair
• Parking area improvements
• Curb replacement
• Sidewalk replacement
• Landscaping improvements
• Building façade improvements
• Roof replacement
• Replace scuppers and downspouts
• Monuments signs
• Storefront glazing
• HVAC replacement
• Patios and pergolas
• ...
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