(A) The city hereby assigns high priority to increasing the means of financing redevelopment and rehabilitation of older inner-city areas. The city hereby adopts the policy that industrial revenue bonds and revenue bonds may be used for projects designed to rehabilitate redeveloping areas, in accordance with the standards established herein.
(B) The city hereby adopts the Interim Guidelines and Policies, which are contained herein, for the use of public financing in the redevelopment of designated redeveloping areas. The city may utilize singularly or in combination one or more of the following development tools: tax increment funds, urban development bonds, community development bonds, industrial revenue bonds, revenue bonds, and community development funds, for projects located in designated urban renewal areas, designated community development areas or special economic development areas designated by the City Council, provided the proposed project complies with the following standards:
(1) The project meets the requirements of the laws governing the use of the bonds or funds proposed to be utilized.
(2) The project helps accomplish the objectives outlined in the city's Comprehensive Policies Plan, especially the policies that “redevelopment and rehabilitation of older neighborhoods should be continued and expanded” and “compatible mixing of residential, commercial, light industrial, and educational activities on an area-wide basis shall be encouraged where desirable and appropriate to lessen the need for travel.”
(3) The project helps fulfill the objectives of any adopted urban renewal plan, land development plan, sector development plan, or community development plan for the area where it is located.
(C) The city may require an agreement with the owners of a development otherwise eligible for assistance in the form of industrial revenue bonds or urban development bonds to provide for payment in lieu of property taxes, during the life of the bonds or a portion thereof.
(D) A screening committee consisting of the Mayor or his designated representative, a City Councillor, and a member of the Urban Development Commission shall be established to review any private sector project which requests assistance in one of the forms listed herein. Committee members shall be appointed by the entity they represent to serve a term which is designated by said entity. The Committee shall advise any person interested in such public assistance on whether the proposed project appears to comply with the guidelines adopted herein and shall assist interested persons, as may be feasible, in developing projects which will implement the objective of this resolution and the relevant portions of the city's Comprehensive Policies Plan.
(E) The Mayor shall cause studies to be conducted and a legislative package to be developed to facilitate the redevelopment of designated redeveloping areas through public financing mechanisms. The legislative package shall consist of state and local legislation, and may address such matters as using tax increment funds for loans and grants to private sector projects, ad valorem tax abatement for private sector redevelopment efforts, creation of an additional revenue source from redeveloping areas, provision of additional taxes or assessments to pay for downtown improvements, and other financing mechanisms available for municipal participation.
(F) The interim guidelines and policies established herein shall remain in effect until this section is repealed or amended.
(Res. 190-1977, approved 9-28-77)