Staff is presenting a proposed amendment to the Downtown Urban Renewal plan to include a provision for assistance with private party acquisition and redevelopment of property in the Downtown Urban Renewal District, as well as minor clerical revisions such as to consolidate all previous plan amendments listing and replace roman numeral references for better clarity. 

If it pleases the Agency, adopt Resolution 26-07 amending the Downtown District Urban Renewal Plan.

The Downtown District Urban Renewal Plan (Plan) was established in 1968, winded down activity in the early 1980s with completion of several significant projects, before presenting a new plan which was adopted by Ordinance 130 on September 20, 1988.  Since that point, several plan amendments have been completed, with the most recent in 2019.  

The plan amendment proposed includes the addition of a provision within Chapter 3 Proposed Projects to assist private party acquisition and redevelopment of property that is currently under utilized or in a state of disrepair or blighted.   This proposed amendment provides the authority for funds to be used to assist in the acquisition and development or redevelopment of property within the Downtown Urban Renewal District. 

There are no additional impacts on taxing districts as this project would use existing maximum indebtedness authority. 

This amendment does not modify the overall budget, nor increase the maximum indebtedness or taxing authority.