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Item 1.E.
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| City Council Regular | |
| Date: | 04/22/2024 |
| Title: | Amending the TIF MOU's to extend the term by 1-year |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | No |
| Legal Review: | No |
| Project Number: | N/A |
RECOMMENDATION
Recommend that City Council extend the Memorandum of Understanding (MOU) between the City and each of the 3 Urban Renewal District Advisory Boards until June 30, 2025.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
On May 13, 2019, the City Council approved an MOU with each of the three Urban Renewal District Advisory Boards. Each of those MOU's had an original term of 5 years, and will expire in 2024. It is currently unknown if significant changes are needed to the MOU. Staff is requesting an extension to the existing MOU's be approved so that more time can be given to consider any recommendations for changes.
Staff contacted all three districts, and they have verbally confirmed their desire to extend the MOU's for one year as well. Each district will need to consider and approve the MOU at their regular board meeting.
Staff contacted all three districts, and they have verbally confirmed their desire to extend the MOU's for one year as well. Each district will need to consider and approve the MOU at their regular board meeting.
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve the MOU. If not approved, the MOU for each district will expire on May 13, 2024.
FISCAL EFFECTS
There is no financial impact for extending the MOU.