HomeMy WebLinkAboutIR 8522 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8522
PATE Date: 9/9/03
To the Mayor and Members of the City Council
Page 1 of 1
re A contract to initiate a process to consider the establishment of a
Lancaster Corridor TIF district
On September 16,City Council will be asked to approve a contract with GideonToal to undertake the steps necessary
to establish a tax increment finance(TIF)district for the redevelopment of the Lancaster Corridor.
As initially recommended in the Lancaster Corridor Redevelopment Study(July 1999),the Lancaster Corridor
Steering Committee and consultants recommended the establishment of a tax increment finance district at an
appropriate time to support the corridor's redevelopment. Most recently,a series of studies have confirmed this early
recommendation wherein a tax increment finance(TIF)district is an appropriate tool. Furthermore, to establish the
TIF district base year at its projected lowest taxable value,the City and other taxing jurisdictions should establish the
TIF before the end of the 2003 calendar(tax)year. It is anticipated that a number of activities commencing in the
2004 tax year will escalate property values above the 2003 taxable appraised value. To meet all of the regulatory
requirements of putting in place a TIF district before the end of the year,the process must commence early
September.
Staff is not seeking City Council approval of a TIF, but merely to initiate a process by which City Council consider
establishing a TIF district before the end of the 2003 tax year. Additionally, staff is working on several projects
r/, ,vithin the corridor whose success could have a positive catalytic effect on the overall vitality of the corridor. These
Its' irojects could require timely public participation, such as that obtained through a TIF district. Commencing the
process of putting in place a TIF district at this time would enable City Council to keep all options open should
Council choose to establish the Lancaster Corridor TIF in 2003.
In order to meet this timeline, it is staffs recommendation to enter into a contract with Gideon Toal in the amount
not to exceed $34,640 for professional services relating to carrying out the TIF implementation steps. The scope of
services include:
Task I Develop Preliminary Finance Plan, Project Plans, and Detailed Description of TIF Zone, and all
other exhibits as required for local government review and approval per the State legislative
requirements(except for legal documents).
Subtotal: $22,680 (162 hours @ $1401hour)
Task H Provide support, attendance, phone call explanations, and PowerPoint presentations for staff
meetings, stakeholder meetings, public hearings, and local jurisdiction meetings required to
implement the TIF.
Subtotal: $8,920 (64 hours a7 $140/hour)
Allowance for reimbursable expenses: $3,000
Total $34,640
The Central City Revitalization and Economic Development(CORED)Committee in the August 12th Executive
Session concurred with staff's recommendation of moving forward in forming the TIF as soon as practicable. This
Council action helps support the Council Strategic Goal of revitalizing our Central City commercial corridors and
r�—eighborhoods.
ry acks
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS