Urban Renewal Area update

The City of Sheldon is seeking an amendment (#5) to the City’s Urban Renewal Plan. The hearing will be on April 15, 2020.

Here is the Notice of Hearing. Here is the Schedule for the process.

And here is the Plan amendment.

There are three main components to Tax Increment Financing –

1) The Urban Renewal Area.

2) The Urban Renewal Plan.

3) Budgeting and spending the Tax Increment Financing dollars.

This is an update to part #2 only – we are seeking to update the Urban Renewal Plan to accommodate several goals, including: various street reconstruction projects, additional commercial and industrial development, and the facilitation of redevelopment of nuisance and blighted properties. This resolution sets the schedule, including a public hearing for April 15. All the potential projects being considered would be geographically located in the existing Urban Renewal Area.

The size of the Urban Renewal Area is not changing. Additional Council action would be needed to disburse funds. In the case of the proposed $2,500,000 in street projects, a short-term bond (up to a term of a few months) is necessary. There has been discussion over the past year of reduce the amount of land in TIF. This is a worthy goal, but cannot be even considered until after the 2017C bond is paid off – which is scheduled to occur in FY21-22. Even then, any reduction of Urban Renewal geographic area will need to be carefully coordinated to ensure pending or current projects are not impacted.