06/19/1985 Meeting - Laserfiche WebLink

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~ ~ CREATION OF A RIVERFRONT RESEARCH PARK TAX INCREMENT DISTRICT ADVISORY COMMITTEE June 13, 1985 e Page 2 Tax Increment District Process The process to establish a tax increment district is initiated by the City's Renewal Agency (City Council). The City Council would establish an advisory committee, a study area boundary, and direction for the study. It is recom- mended that the advisory committee consist of the previously appointed study committee as representative of community interests. The role and responsibility of the advisory committee is to review the existing conditions in the area and formulate goals and objectives consistent with policies recommended in the Riverfront Park Study. The committee will identify public improvements neces- sary to achieve the goals and objectives. Following that, the committee would formulate a financial plan based on project costs and tax increment revenue. That analysis would also show the tax increment district's impact on affected taxing jurisdictions. This information would be put into the format of a plan and report document. The plan would be forwarded to the Planning Commission and City Council for public hearings. Staff expects to forward the recommendation to the Planning Commission in late August and to the City Council for the second week in September. Once the committee is appointed, it is expected to meet at least four times over an eight-week period. Affected property owners in the study area would e be notified and advised of the public process. Recommendation I The City Council, acting as the Eugene Renewal Agency, is requested to consider adopting the attached resolution which appoints a study committee, establishes a study boundary, and provides direction for the study. GL:RH:ky/Tb17 Attachment -