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HomeMy WebLinkAbout2024 01_Amendment to Policy Guide for Implementation of the Owasso Redbud District Project Pland and Incrmenet District No. 1CITY OF OWASSO, OKLAHOMA RESOLUTION 2024 -01 A RESOLUTION OF THE CITY OF OWASSO, OKLAHOMA, APPROVING AN AMENDMENT TO THE POLICY GUIDE FOR IMPLEMENTATION OF THE OWASSO REDBUD DISTRICT PROJECT PLAN AND INCREMENT DISTRICT NO. 1, CITY OF OWASSO WHEREAS, the City of Owasso, Oklahoma ( "City "), pursuant to the Oklahoma Local Development Act, 62 O.S. §850, et seq. ( "Act "), adopted Ordinance 1093, effective December 20, 2016, approving the Owasso Redbud District Project Plan ('Project Plan ") and establishing Increment District No. 1, City of Owasso, a sales tax and ad valorem increment district ( "Increment District "); and, WHEREAS, the purpose of the Project Plan is to help the City achieve its development objectives by authorizing the appropriate and necessary public support and assistance for the development and enhancement of the area surrounding Main Street, known as the Redbud District ('Project Area "), as a special and unique place within Owasso, a place to live, work, shop, and play; and WHEREAS, the Project Plan supports the City's efforts to achieve its development objectives, improve the quality of life for its citizens, stimulate private investment, and enhance the tax base, thereby making possible investment that would be difficult without the adoption of the Project Plan and the apportionment of incremental ad valorem and sales tax revenues; and, WHEREAS, the Project Plan authorizes the allocation of incremental revenues to an apportionment fund to be used to pay authorized Project Costs, including public infrastructure, facilities, and improvements, and assistance in development financing; and, WHEREAS, in order to provide guidance regarding the allocation of assistance in development financing authorized by the Project Plan, the City approved Resolution 2017 -01 on April 4, 2017, adopting the Policy Guide for the implementation of the Project Plan and Increment District No. 1, and a subsequent amendment to the Policy Guide with Resolution 2021 -10 on June 15, 2021 and Resolution 2023 -22 on December 5, 2023; and WHEREAS, the Policy Guide details the procedures and requirements for providing assistance in development financing through three categories of such assistance, including Development Project Assistance, Small Business Enhancements, and Employment Generation Assistance (all as defined in the Policy Guide), and the City Council desires to further amend the Policy Guide criteria. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF OWASSO, THAT: SECTION ONE: Section III (A)(]) of the Policy Guide is hereby amended to read as follows: "Development Project Assistance may be available to a developer proposing to develop on vacant property within the Increment District or significantly renovate or rehabilitate an existing structure on property within the Increment District. To be considered for Development Project Assistance, such investment must be in an amount of more than $100,000.00 based upon the hard costs of the construction of the improvements. The developer must own the property that it is seeking to develop or renovate. To be eligible for Development Project Assistance, projects must follow design and density standards as adopted by the City in the Downtown Overlay District Plan, attached as Exhibit B." SECTION TWO: Section III (B) (2) of the Policy Guide is hereby amended to read as follows: "A Small Business Enhancement may be provided to assist in improvements and appearances of the physical exterior or exterior elements of the property where the business Resolution 2024 -01 Page 1 of 2 is located. Examples of such improvements include, but are not limited to, new or upgraded exterior signage, new exterior paint, art installation, landscape improvements, window or awning improvements, accessibility improvements, streetscape improvements, sidewalk improvements, parking additions or improvements, the installation of an outdoor seating or gathering space, or other visual improvements to the property. A Small Business Enhancement is a 50% match of the cost of the approved improvements. The applicant will be reimbursed by the OPWA at the completion of the approved improvements for 50% of the actual amount expended on the approved improvements. The amount of the reimbursement will not exceed $5,000.00. Documentation of all reimbursable expenses related to the improvements and physical confirmation of improvements must be provided before reimbursement occurs. The Small Business Enhancement may be applied retroactively to any business within the Increment District who applied for the assistance, completed the approved improvements, and received their reimbursement payment." SECTION THREE: City staff is further directed to utilize the Policy Guide as hereby amended for the implementation of the Project Plan and Increment District No. 1, effective upon approval by the City Council. SECTION FOUR: City staff is hereby authorized to take such actions necessary or appropriate, including making minor amendments and revisions to the Policy Guide, as amended by this Resolution, applications, and forms for administrative purposes, to implement this approval and provisions of the Policy Guide, as amended. M. Stevens,fCity Clerk APPROVED AS 79 FORM: Juli Lombardi; City Attorney Resolution 2024 -01 Page 2 of 2 PASSED AND UFebr, R �s� v Orr• ICIAL SE L °•I -Q -4 HCrAP_ this 9th day of January, 2024. Sd TO: FROM: SUBJECT: DATE: APPkOVBD BY COUNCIL JAN 0 9 2024 The Honorable Mayor and City Council Chris Garrett, Assistant City Manager Resolution 2024 -01, Amendment to Owasso Tax Increment Financing District No. 1 Policy Guide January 4, 2024 BACKGROUND: The Owasso Tax Increment Financing District No. 1 Policy Guide was amended by City Council in December 2023, modifying incentive guidelines in Development Project Assistance and Small Business Enhancement categories. Those amendments reduced the current minimum investment amount of $200,000.00 down to $100,000.00 based upon the hard costs of the construction of the improvements. For Small Business Enhancement grants, the amendments allowed for 50% of the actual amount expended on the approved improvements, with the amount of the reimbursement not to exceed $5,000.00. The proposed resolution amending the Policy Guide is in response to City Council's desire to include an avenue to retroactively apply the most recent changes to the Policy Guide. PROPOSED RESOLUTION: Proposed is Resolution 2024 -01, amending the policy for Small Business Enhancement to permit the retroactive application of the policy to any business within the Increment District who applied for the assistance, completed the approved improvements, and received their reimbursement. RECOMMENDATION: Staff recommends approval of Resolution 2024 -01. ATTACHMENT: Resolution 2024 -01