HomeMy WebLinkAboutA007 - Council Action Form dated Ocober 10, 2000 f
ITEM # 3✓
DATE 10/10/00
COUNCIL ACTION FORM
SUBJECT: RESOLUTION SETTING THE DATE OF PUBLIC HEARING FOR
NOVEMBER 28, 2000 FOR AMENDING THE PLAN FOR URBAN REVITALIZATION
AREA NO. 7.
ACTION FORM SUMMARY: City Council needs to set a date of public hearing for the
amendment of Urban Revitalization Area #7 for the purpose of establishing proposed tax
incentives for future residential and retail commercial construction, for a 3-year, 100% tax
abatement program in the Somerset development.
Approval of this action is recommended.
BACKGROUND:
On September 26, 2000 the City Council moved to designate a new Urban Revitalization
Area in the Somerset Subdivision where a 3-year, 100% tax abatement would be available
for future residential and retail commercial construction, over the next three years; and to
add that benefit to the Urban Revitalization Area Plan for the already designated Urban
Revitalization Area #7.
The tax abatement for future residential and retail commercial construction, along with the
stipulations indicated at the September 26, 2000 City Council meeting will be added to the
existing Urban Revitalization Area #7. Currently Urban Revitalization Area #7 allows for
tax abatement for three specific uses: a neighborhood scale grocery, a neighborhood
scale sit-down restaurant, and any retail use that has a residential dwelling unit(s) on the
second floor that is rented to a tenant of low or moderate income, as established by the
Department of Housing and Urban Development for Story County.
Urban Revitalization Area #7 has no established end date. The proposed amendment to
the area would have a three-year limit on the newly proposed tax benefits.
Staff is recommending approval of this action.
ALTERNATIVES:
1. The City Council can approve the resolution setting a date of public hearing for
November 28, 2000 for amending the plan for Urban Revitalization Area #7.
2. The City Council can deny approval of the resolution setting a date of public hearing
for November 28, 2000 for amending the plan for Urban Revitalization Area #7.
3. The City Council can refer this request back to staff and/or the applicant for additional
information.
RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council approve Alternative #1.
This action recommends that the City Council set a date of Public Hearing for November
28, 2000 for amending Urban Revitalization Area #7 to allow for new tax incentives to be
applied in the already existing Area in the Somerset development.
COUNCIL ACTION:
2