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Session 1807 <br />April 2, 2001 <br /> <br />industrial property located east of Pennsylvania north of Delmar and not to exceed <br />five years. <br /> <br />Projects in Comprehensive Plan target development areas ~vhere TIF is not <br />available may apply for assistance with financing public improvement such as <br />streets, sidewalks, lighting, and landscaping. Assistance conm2ensm-ate with first <br />year project tax revenue increases will be considered. <br /> <br />Property Tax partial abatement-will be considered for projects anywhere in the <br />City on a case by case basis. Property tax abatement is typically in the four to <br />eight year range and only for property that is truly blighted, deteriorated and <br />marked for redevelopment in the City' s Comprehensive Plan. <br /> <br />For designated approved development projects the City prefers that the primary <br />financial assistance sources include Special Business District (extra property tax); <br />Neighborhood Improvement District (special assessment/property tax) and/or <br />Transportation Improvement District (added sales tax), subject to legal review, <br /> <br />Where permitted by law, the City will assist in obtaining tax credits and/or lower <br />interest financing if available at no cost to the City. <br /> <br />All projects should conform with objectives of the Comprehensive Plan, must <br />demonstrate substantial tax revenue for City and Schools during the subsidy <br />period as well as major increases at the conclusion of the subsidy. Projects should <br />provide jobs for University City citizens. <br /> <br />Eminent Domain ~ be used to complete parcel assembly of commercial or <br />residential property in or immediately adjacent to most of the designated <br />redevelopment areas listed in the Comprehensive Plan. <br /> <br />Mr. Schoomer moved adoption. Mr. Munkel seconded the motion. <br /> <br />Mr. Wagner stated that he felt that this was a good and acceptable policy with one <br />exception. He will vote for this. Concerning eminent domain, however, his personal <br />feeling is that he will vote only for a very small remnant of a parcel to be taken by <br />eminent domain. He, in principle, is very much against taking of residential property. <br /> <br />The motion to approve carried unanimously. <br /> <br />4 <br /> <br /> <br />