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Home My WebLink About2014-10-21 Public hearingPublish 10/3 NOTICE OF PUBLIC HEARING TO CONSIDER APPROVAL OF A PROPOSED SYCAMORE AND FIRST AVENUE URBAN RENEWAL PLAN, AMENDMENT NO. 2 IN THE CITY OF IOWA CITY, IOWA The City Council of the City of Iowa City, Iowa will hold a public hearing at its meeting on October 21, 2014 which commences at 7:00 P.M. in the Emma J. Harvat Hall, City Hall, Iowa City, Iowa, or if said meeting is cancelled, at the next meeting of the City Council thereafter as posted by the City Clerk to consider adoption of the Sycamore and First Avenue Urban Renewal Plan, Amendment No. 2 (the "Plan ") which adds the following projects to the Plan: A Development Agreement for a project to provide financial assistance to improve the Iowa City Marketplace for a new anchor tenant. A copy of the plan is on file for public inspection in the office of the City Clerk, City Hall, Iowa City, Iowa. The City of Iowa City, Iowa is the local agency which, if such Plan is approved, shall undertake the urban renewal activities described in such Plan. The general scope of the urban renewal activities under consideration in the Plan is to assist qualified industries and businesses in the Urban Renewal Area through various public purpose and special financing activities outlined in the Plan. To accomplish the objectives of the Plan, and to encourage the further development of the Urban Renewal Area, the plan provides that such special financing activities may include, but not be limited to, the making of loans or grants of public funds to private entities under Chapter 15A of the Code of Iowa. The City also may install, construct and reconstruct streets, parking facilities, open space areas and other substantial public improvement, and may acquire and make land available for development or redevelopment by private enterprise as authorized by law. The Plan provides that the City may issue bonds or use available funds for such purposes and that tax increment reimbursement of such costs will be sought if and to the extent incurred by the City. Any person or organization desired to be heard shall be afforded an opportunity to be heard at such hearing. This notice is given by order of the City Council of Iowa City, Iowa, as provided by Section 403.5 of the State Code of Iowa. Dated this 3rd day of October, 2014. s /Marian K. Karr City Clerk, Iowa City, Iowa (END OF NOTICE) Sycamore and First Ave(nue Urban Renewal P14n Amendment No.. ..i 2 ,City of Iowa City, IA City, Original Plan Adopted 2000 Amendment No. 1 -- 2003 Table of Contents Section 1 - Introduction Section 2 - Urb, Section 3 - Prol Section 4 - Deb Section 5 - UrN Section 6 - Effe Section 7 - Rep Section 8 - Sev -2- m SECTION 1- INTRODUCTION The Sycamore and First Avenue Urban Renewal Plan ( "Plan ") for the Sycamore and First Avenue Urban Renewal Area ( "Area ") was originally adopted in 2000 to address vacancy rates in the Sycamore Mall and other properties and the general decline of the property values in the area. Amendment #1 was adopted in 2003 to add more area to the Plan. This Amendment #2 does not change the goals for the Area, but rather allows the City to support an economic development project at the Iowa City Marketplace, formerly known as the Sycamore Mall. No land is being added to the Area by this Amendment #2. xcept as modified by this Amendment, the provisions of the Sycamore and First Av ue Urban Renewal Plan, as amended, are hereby ratified, confirmed, and approve and shall remain in full force and effect. In case of any conflict or uncertainty, the erms of this Amendment shall control. SECTION 2- URBAN RENEWAL GOALS AND OB ECTIVES The goals of the plan remain unchanged: to form ate and execute a workable program using public and private resources to develop th Urban Renewal Project Area for retail, office, other commercial and industrial uses. / SECTION 3 - PROPOSED URBAN RENEWAL PROJECTS Although certain project activities ma y projects previously proposed in the PI renewal projects are hereby added td Economic Development: o cur over a period of years, in addition to the as amended, the following proposed urban the Plan , Project D Estimated Cost Rationale A TIF rebate agreement 014 — $1,750,000 After the former anchor tenant was with mall owner, CORE 2015 co pelled to relocate, other mall Sycamore Town Cent ten is left\whelp relocated or sold their LLC to assist with th � busieating a steep decline cost of renovation in pre and a high rate of required for ten vacaring new anchor improvements r new tenap ensure the long - anchor tena s. term this development and e taxable valuation of the rty $1,750,,600 ate_ -3- W � SECTION 4 - DEBT 1. a 3,�5,9qM 2. Outstanding general obligation debt: ,0 ,00( 3. Proposed amount of loans, advances, indebtedness or bonds toa •• be incurred: The specific amount of debt to be incurred for the Not to;ijcceed 1. FY 2014 constitutional debt limit: 3,�5,9qM 2. Outstanding general obligation debt: ,0 ,00( 3. Proposed amount of loans, advances, indebtedness or bonds toa •• be incurred: The specific amount of debt to be incurred for the Not to;ijcceed Proposed G'rban Renewal Projects has not yet been $1,750,000 determined. "The Projects authorized in this Amendment are only proposed ,-projects at this time. The City Council will consider each proposed project on a case -by case basis to determine if it is consistent with the Plan an in the public's best interest. These proposed Projects, if appro ed, will commence and be concluded ovb'r a number of years In no event will debt be incurred that would 'exceed the City's Oebt capacity. It is expected that such indebtedness, inclu ng interest thereon, may be financed in whole`or in part wit tax increment revenues from the Urban Renewal Area. Subje to the foregoing, it is estimated that the cost of the\Propos d Urban Renewal be Projects described above will ap oximately as follows: SECTION 5 — URBAN RENEWAL If the City of Iowa City desires to amenyhis P state and local laws. SECTION 6 - EFFECTIVE PERI ENDMENTS it may do so in conformance with applicable This Urban Renewal Plan Am dment #2 will beco a effective upon its adoption by the City Council. Notwithstanding/, nything to the contra in the Urban Renewal Plan, any prior amendment, resolutio , or document, the L lba Renewal Plan shall remain in effect until terminated by e City Council, and the u e of incremental property tax revenues, or the "division f revenue," as those words a used in Chapter 403 of the Code of Iowa, will be con istent with Chapter 403 of the to Code. SECTION 7 - Any parts of the pre ous Plan, as previously amended, in conflic with this Amendment are hereby repealecy SECTION 8 - SEVERABILITY CLAUSE If any part of the Amendment is determined to be invalid or unconstitutional, such invalidity or unconstitutionality shall not affect the validity of the previously adopted Plan as a whole or the previous amendments to the Plan, or any part of the Plan not determined to be invalid or unconstitutional. 5 C"a s� Marian Karr From: Mike Thayer <sickofspin @yahoo.com> Sent: Saturday, October 11, 2014 8:58 AM To: Council Subject: The Lucky's decision Picking winners and losers through the manipulation of taxpayer dollars is not a proper role of government. I don't care how many jobs are promised, I don't care what you pretend the economic benefit will 'potentially' be, I don't care if this decision falls within'legal' (cough) parameters. The pending decision to provide Lucky's a tax increment financing deal is nothing short of gaming the system with other people's money and it would seem you have learned nothing from Coralville's mistakes with such game playing. And so much for 'buying local' huh council? Mike Thayer Coralville Coralville Courier Coralville Courier Breaking news and headlines for Coralville, Iowa City, Cedar Rapids and eastern Iowa including local, state and national news, sports, weather, current event... View on www.coralvillecourie... Preview by Yahoo Previously distributed in 10/9) Iw PIO� R' good Co-op II ®ESA to 2014 OCT -9 AM 10: 41 City Council of Iowa City CITY C L r. „ ATTN: Economic Development Committee 4 T�� cI -ry !()V; 410 E. Washington St. Iowa City, IA 52240 October 8, 2014 Dear Committee Members: The New Pioneer Co -op board of directors recently learned that the City of Iowa City is considering offering $1.7 million in tax increment finance (TIF) assistance to the California owners of the newly renamed Iowa City Marketplace to attract Lucky's Market Lucky's is a Boulder, Colorado -based organic and natural foods grocery chain that is in part financed by venture capital. The market for groceries in the Johnson County area is fixed, and already very competitive. Bringing in an additional competitor in this category will not drive economic development in the city. It will not increase the size of the market, nor will it increase employment in Johnson County since one or more other stores likely will be forced to eliminate jobs to match their reduced market shares. By approving the TIF assistance to Core Realty Holdings and Lucky's Market, the City of Iowa City would force existing grocers in Johnson County both to pay taxes and lose business in order to support the financial success of a new out -of -state competitor. This is a prospect that seems counter to the City s own economic goals from the Comprehensive Plan. We welcome Lucky's to Iowa City but let them come and compete on an even playing field. Do not ask existing grocers to subsidize their entry into the Iowa City market Sincerely, The New Pioneer Co -op Board of Directors Admin. MCC, az S. Linn St.. Unit aA I Iowa City, IA 61140 • (119) 248 -6400 www.newpi.com