To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Title
Discussion/Direction: Brickyard Development and Urban Renewal Plan
Body
________________________________________________________________________________
Executive Summary
As Council knows, the Brickyard redevelopment proposal is currently seeking Town rezoning to allow for their mixed-use development that includes a hotel, retail, multi-family residences, event venue and supports the adjacent proposed Sports Development Center. As planned, the development is also seeking a public-private partnership, that includes the establishment of an Urban Renewal Plan (URP) for the property and the use of tax increment financing to finance the construction of necessary infrastructure, including improved road connections to the site from Wolfensberger Road and Plum Creek Parkway. The attached letter from Confluence Co./ Brickyard details the current status of the proposal and an outline of their request for a URP and other financial considerations.
Under a recent governing state law, the establishment of a new URP triggers the reconstitution of our existing Urban Renewal Authority (URA) board. What this means for the URA is that the URA Board will continues to include the Towns’ 6 Councilmembers and Mayor - plus the possible addition of representatives invited to join from the other taxing entities: Douglas County, School District, Library District and/or Cemetery District. This entire new board then governs the URA and makes decisions on the implementation of the URP, including any sharing of property tax increment revenue or other financial considerations. This was viewed by proponents of the State law change as desirable, since the Urban Renewal Law allows for the diversion of property tax dollars from other entities (County, School, Library, etc.). The urban renewal process is procedurally intensive with notification requirements and meetings.
Staff believes it is appropriate to concurrently do both the consideration of the Brickyard Development and establish the necessary framework for Town - and other jurisdictions - consideration of urban renewal issues. This will allow for both land use and financial consideration roughly at the same time.
Staff is seeking Town Council consideration to 1) Continue development of necessary development and financing agreements associated with the proposal for future Town Council consideration; and 2) Proceed under the statutorily required procedures for the establishment of the URP for future Town Council consideration.