Fiscal Note
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Title
Report re: Resolution #1716 creating TID #36 Capitol Gateway Corridor and Directive to Identify an Organizational Oversight Structure.
Body
The resolution authorizing the creation of Tax Increment Finance District #36, also known as the Capitol Gateway Corridor TID, directed my Department to meet with the stakeholders for the area and recommend an organizational structure for the ongoing oversight and guidance of the corridor over the next 20 years. We held two open meetings with the Central East Isthmus Stakeholders, one in October and one in November.
There is consensus among this diverse group of employers, property owners, developers, neighborhood residents and associations that there needs to be an entity committed to moving the vision of a vital urban employment center in this area ahead and facilitating the redevelopment of the Capitol Gateway Corridor according to the goals and objectives already established for the area. There are still differing views on the purpose of an oversight organization and the best structure for carrying out the purpose.
Based on my staff 's preliminary research of US cities that have successfully implemented similar initiatives over the long-term, implementation entities are often a public-private partnership, usually a not-for-profit corporation, with the capacity to administer resources, seek funding, work with existing and future businesses, with developers in the area and continuously support and guide the redevelopment process.
Common elements in the structure of all these entities are:
· Active City involvement
· Strong private sector participation and leadership
· Active involvement of community / neighborhood organizations in the area
There are many existing models of implementation entities that might be the right type of organization for the Capitol Gateway Corridor. A few examples include:
· A separate economic development corporation
· A sub-corporation of the ...
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