Title
Public Hearing: Petition to Add Property and Amend the Original Petition for the Blue Parkway & Colbern Road Community Improvement District
Body
Issue/Request:
This is a public hearing to expand the boundaries of the Blue Parkway & Colbern Road CID and amend the original CID Petition in connection with the Discovery Park project.
Key Issues:
Expansion of the CID boundaries and amendment of the CID Petition for the Discovery Park project. If the Amending Petition is approved, it would accomplish the following:
- Expand the CID to include all of the Discovery Park property;
- Extend the existing CID sales tax to the entire expanded CID area;
- Extend the duration of the CID to 27 years after the date of approval of the Amending Petition;
- Extend the prior blight determination to the entire CID area, to match the TIF blight finding;
- Update all of the required petition information for the expanded CID area;
- Eliminate the imposition of CID special assessments within TIF Project Areas 3 and 4 (original CID Phase 2 area).
Background:
The Blue Parkway and Colbern Road CID was approved through the adoption of Ordinance No. 7165 on March 22, 2012. The CID and the City executed the CID Cooperative Agreement on April 30, 2012. The CID has been operating continuously since the date of approval but has produced minimal revenues to date due to lack of development in the CID area.
One of the primary original purposes of the CID was to reimburse the City for the funding advanced by the City in the approximate amount of $3.9 million for the costs associated with improvements to Blue Parkway at the main western entrance to Unity Village at Colbern Road. The CID has generated minimal reimbursement for the City to date. With accrued interest, the City is now owed approximately $5 million in reimbursement from the CID for costs that were advanced by the City.
The City Council approved the Discovery Park Tax Increment Financing Plan through the adoption of Ord...
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