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HomeMy WebLinkAbout2017-051 (TIF District #6 Proceeds Infrastructure Improvements 2018 CIP) RESOLUTION NO. 2017-051 RESOLUTION DESIGNATING USE OF TIF DISTRICT#6 INCREMENT PROCEEDS FOR COSTS OF ELIGIBLE INFRASTRUCTURE IMPROVEMENTS WITHIN TIF DISTRICT#6 AND DIRECTING STAFF TO INCLUDE TIF DISTRICT#6 IMPROVMENTS IN THE CITY 2018 CAPITAL IMPROVEMENT PLAN WHEREAS,TIF District#6 was created in 1993 and all bonds were fully paid prior to December 31, 2007; and WHEREAS,TIF District#6 continues to generate increment through District close out scheduled for 2020 to be utilized for payment of eligible infrastructure maintenance items within the District; and WHEREAS, City staff has identified the following infrastructure improvement items within TIF District#6 that are eligible to be funded with TIF District#6 increment proceeds: • Improve retaining walls in lower parking lot on 3rd Street $230,000 • Update 10 parking lot lights (poles,wiring&conversion to LED lights) $ 80,000 • Reroute storm sewer from upper parking lot on 3rd Street to Pine St. $ 50,000 • Construct 14 additional parking spaces in lower parking lot on 3rd St. $ 50.000 TOTAL $410,000 NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Stillwater hereby designates use of TIF District #6 increment proceeds for costs of eligible infrastructure improvements within TIF District #6 (as noted above) and directs staff to include TIF District#6 improvements in the city 2018 capital improvement plan. 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I=nnnwEg - , - n.a 11 ■ '. 4' ■...E. u51oIs1009oUvg■/mayynla I �■—�, 3d -�1 • a_nnmlll► '� :PH-Ii:■!"it roma.m.a ■ii1 I.1�m�1■■�16 Irli I IIII iiiiiiiIr m _ i- MM. . �Jlli Ly il'I ❑ ®� \� PLAN OF STILLWATER 0 -_.__ .__v---.. _____.-_ in ii ./hair_ i�!1 I �— �1 r• .. G �—' / ■ ►':a •t L• = e -III®��\ `%' Chapter 7:Economic Development 7-14