Council authorizes bond counsel to amend urban renewal plan for Main Street and related projects

Council voted to engage bond counsel to amend the existing urban renewal plan so that the city can use urban renewal/TIF funds for the Main Street project and related revitalization efforts. The motion (moved and seconded) carried on roll call after staff described the range of allowable uses and the need to give staff authority to proceed with counsel.

Chris, a staff member addressing the council, said the council needs flexibility to move renewal funds and described the Main Street project and other potential uses such as mitigation of the old school building. He told the council that "It comes out to be about 4,600,000," describing a rough estimate for proposed projects, and that after existing obligations the city has "an available 19,800,000" for bonding. He said the financial adviser (Tianna Cook) could attend the Sept. 24 meeting to present final numbers if the council wants to close a bond before year-end.

Staff explained that amended language in the urban renewal plan must either specify projects in the TIF district or be citywide and that future changes would require additional amendments. The council approved the motion to engage bond counsel to draft the amendment and to return to council with recommended language and options.