Ordinance No. 20459 - Laserfiche WebLink

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Section 500 —Land Use Plan The use and development of all land within the Plan Area shall comply with the regulations prescribed in the City's comprehensive plan, zoning ordinance, subdivision ordinance, City charter, or any other applicable local, State or Federal laws regulating the use of property within an urban renewal area. Section 600 —Urban Renewal Projects To achieve the objectives of this Plan, the Agency may undertake the following urban renewal projects, and no others, with tax increment funds: A. PUBLIC PARKS, PUBLIC PLAZAS, REST ROOMS, AND OPEN SPACES: Park Blocks Improvements for the Farmers Former Section 600 A.5 of the Plan authorized the Agency to participate in funding the design, acquisition, construction or rehabilitation of public spaces, or parks or public facilities within the urban renewal area, including but not limited to walkways and plazas and accessibility improvements. Beginning with the effective date of the 2010 Amendment, the Agency will not use tax increment funds to initiate any public parks, public plazas, rest rooms or open spaces except the Park Blocks improvements for the Farmers' Market that are described in the next paragraph. The Agency may spend up to $500,000 of tax increment funds, plus associated interest, premium and other costs, on infrastructure improvements to the Park Blocks in order to make that location more attractive and functional for the Farmers' Market. B. PUBLIC PARKING AND PUBLIC TRANSPORTATION FACILITIES: Broadway Place Garages &Public Safety Improvements Former Section 600 A.6 of the Plan authorized the Agency to participate in funding the acquisition and construction and enhancement of public parking and public transportation facilities within the renewal area. Prior to the 2010 Amendment, the Agency provided approximately $2.5 million of assistance for the construction of the Broadway Place Garages. After the effective date of the 2010 Amendment, the Agency will not use tax increment funds to initiate any public parking or transportation facilities funding except the funding for the Broadway Place Garages described in the next paragraph. After the 2010 Amendment, the Agency may spend up to $4.9 million of tax increment funds to pay the principal of City obligations issued to finance those garages, or of Agency obligations that are issued to refinance the City obligations, plus associated interest, premium and other costs, but only if the City agrees to a) continue to make the garages available for businesses and residents downtown and b) enhance public safety in the Plan Area. The proposed funding for the Broadway Place Garages serve and benefit the Plan Area because: (1) The Broadway Place Garages provide an essential public parking facility that directly serves Downtown Urban Renewal Plan —June , 2010 4