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--1.) Activities the City shoulI .indertake <br />h.) The type of redevelopment the City desires in the <br />selected areas(both commercial and or residential) <br />c.) The level of City involvement <br />(A comprehensive approach that might have the kind of spill over <br />benefits that the --taff 's reviewing is the Star City Prosram. <br />This progran has b, i developed by the State to provide technfFc l <br />assistance to qualifying communities,-incipally for economic <br />dt-velopment. Since however redevelopment and economic <br />development, utilize similar tools, qualifying for the program <br />may provide some henefit in the area of needed techni,.al <br />assistance.) <br />At present, it is questionable if the primary funding tools <br />including tax increment bonding, industrial reve e bonds and <br />municipal t-.x exempt hoed issues generally will be :Bailable upon <br />passage of the tax reform on the Federal level. Over the next <br />few months this may have a decided impact on the redevelopment <br />Orono is able to engage in. It should be roted however, that <br />this may not be as serious an impediment as it once was <br />considered. 'i'here have been some taxable issues that have been <br />recently placed by public agencies that have resulted in interest <br />rates not dissimilar and in some cases lower (because of the <br />methods used) than a traditional tax exempt band. (This is due <br />in part to arbitrage rules not teing applicable to taxable bond <br />issues of puhlic agencies.) <br />CommunityDevelopment and Redevelo ment Strate - As mentioned <br />it is appropriate at this Mip to un stake a review of t~Q <br />direction the City wa—s to undertake regarding its commun <br />development together i any redevelopment that it desires <br />take. Once Council _A:, discussed ,d decided the ecti:)n t':at <br />they want to go, staff will then be able to more definitely <br />explore thf` work in each of the target areas selected to <br />;letermine what is of ropriate. Attached you will find an example <br />of scam- preliminary directions for the Navarre area. <br />RECONME:NDATION It is recommende_l that it tiie Counci l's January <br />2/,- Tiff , meeting that the Council genecilly dis^.uss the area and <br />give staff an indication preliminarly o" , 113t things they feel <br />are appropriate to be undertaken. Based on that, staff will cio <br />t.h(.,, following (included are staff's recommendations for <br />di r:�ction s) . <br />a) Development ,eneral Strategy - It is su15 sted <br />-- _.— -- - <br />that Tn e��ch' o _ I- - major areas elow the following <br />levels of activity be engaged in <br />- Commercial Areas - The City engage in <br />rele- V�-fcipmerikis a c:,ita Iyst to promote <br />private efforts together w.th working on a master <br />elan tc) dovetai 1 with C-)unty 15 improvements. <br />2 <br />