Loading...
RES NO 02-04-2015 CITY OF VAN BUREN,ARKANSAS RESOLUTION NO. a_ -2015 BE IT ENACTED BY THE CITY COUNCIL,FOR THE CITY OF VAN BUREN, ARKANSAS,A RESOLUTION TO BE ENTITLED: A RESOLUTION ADOPTING PHASE I OF A REVITALIZATION MASTER PLAN FOR THE CITY OF VAN BUREN, ARKANSAS, AND FOR OTHER PURPOSES. WHEREAS, the City of Van Buren, Arkansas desires to have a vision and plan for the community to refer to when addressing potential uses and impacts from the revitalization of properties and the development of the vacant parcels in the City; and WHEREAS, the City of Van Buren, Arkansas currently does not have a document that addresses such needs; and WHEREAS, although the City Council is aware of the need for a Comprehensive Revitalization Master Plan the Council also recognizes that the attached plan which focuses on the south side of the City will serve as an initial framework for providing to public and private decision makers, property owners, organizations, and residents, guidance for the development and revitalization of properties within the City of Van Buren,Arkansas;and WHEREAS, this Plan will be used to further develop a comprehensive redevelopment plan for the City with input and direction from the City Council, City Planning Department, Planning Commission,public and private developers,housing agencies,and other citizen groups as well as the business community. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VAN BUREN,ARKANSAS,THAT: - —� SECTION 1: The Southside Revitalization Plan, dated January 2015 is hereby adopted by the City of Van Buren to be used as a framework for guiding revitalization of properties and the development of the vacant parcels in the City of Van Buren, Arkansas. IN WITNESS WHEREOF, the City of Van Buren, Arkansas, by its City Council, did pass, approve, and adopt, by a vote of .�j for and 0 against, t o going Resolution at its regular meeting held on the 26th of February 2015. - Robert D.Free - Mayor ATTESTED: _ ' O ' TIO FO' : _ 14111Milth Barbie Curtis Candice A. Settle City Clerk/Treasurer City Attorney { City of Van Buren Southside Revitalization Plan January 2015 Introduction This Revitalization Plan (the "Plan")for the City of Van Buren,Crawford County,Arkansas has been adopted by the City of Van Buren and encompasses all of Census Tracts 205.01, 205.02 and parts of Census Tracts 203.01 and 203.02. This Plan will be used to further develop a comprehensive redevelopment plan for the identified area with input and direction from the City Council, City Planning Department, Planning Commission, public and private developers, housing agencies, and other citizen groups as well as the business community. It will be the basis by which both public and private development and redevelopment will be guided. Because of the long-term nature of this Plan and the need to retain the flexibility to respond to market and economic conditions,property owner and developer interests and opportunities from time to time presented for redevelopment,this Plan does not present a precise schedule of specific projects for the redevelopment, rehabilitation and revitalization within the identified area. Additionally,the Plan does not present specific proposals to solve or alleviate the concerns and problems of the community relating to the identified areas. Instead,the City will work with property owners and developers who wish to advance projects in the eligible areas for which they have identified potential funding sources, but lack full funding for. As funding opportunities are identified and projects become ready to proceed,the City will work with the agencies,developers,owners, and others to ensure a balance exists between the needs of the community and the requirements of both the public and private sectors. All projects will comply with the City of Van Buren construction standards for infrastructure and buildings as well as all applicable local laws and ordinances. Census Tract Data in Revitalization Area HUD Qualified Census Tract Poverty Rate: 23.4% Median Family Income:77.7% Unemployment Rate 10.9% Economic Development Hot Zone Meets some distressed area community criteria Meets NeighborWorks America definition of underserved area New Markets Tax Credit CDFI Investment Area Major Goals A. Implement policies identified as helpful regarding redevelopment activities to be carried out in the revitalization areas. B. Stimulate in-fill development and land assembly opportunities on blighted, abandoned, underutilized and vacant properties in the revitalization areas. C. Stimulate opportunities for adaptive re-use and preservation of existing building stock in the revitalization areas. D. Attract new businesses and retain existing businesses in the revitalization areas, providing job training and employment opportunities for revitalization area residents. E. Improve transportation,open space, parking,and other public facilities and infrastructure throughout the revitalization area. F. Stimulate home ownership opportunities in the revitalization area. G. Stimulate the development of additional affordable housing. H. Improve the quality of the residential environment by assisting new construction, rehabilitation and conservation of living units in the revitalization area,including units affordable to low and moderate income households. I. Revitalize neighborhood commercial areas and strengthen retail in the revitalization area. J. Where economically feasible apply green/sustainable principals to redevelopment projects in the revitalization area. These goals were assembled for the purposes of the elimination of blight,the planning, development, redesign,clearance, reconstruction, or rehabilitation or any combination of these of the revitalization area and the provision of residential,commercial, industrial, public or other structures or spaces (including recreational and open space) as may be appropriate or necessary in the interest of the general welfare. Revitalization Area Strategies 1. Assembling adequate sites for the development and construction of residential, commercial, industrial,or public facilities; 2. Demolishing or removing buildings and improvements, when necessary; 3. Conveying sites to redevelopers for the development and construction of residential, commercial, industrial, or public facilities; 4. Promoting redevelopment by private redevelopers or other public agencies for uses in accordance with this Plan; 5. Supporting the rehabilitation of residential, commercial,industrial,or public structures and improvements by present owners, redevelopers, and the City; 6. Providing for participation by current owners and tenants and the extension of preferences to current business occupants and other tenants; 7. Providing relocation assistance to occupants displaced by the Project, as required by law; 8. Managing property under the ownership and control of the City; 9. Supporting the installation, construction, reconstruction,or enhancement of streets, utilities, parks and open space, and other public improvements; and 10. Supporting the new construction, rehabilitation, preservation, and increased availability of housing affordable to low and moderate income households as demonstrated by the increasing need for such housing within the City. As part of its efforts to pursue such redevelopment in the revitalization area,the City intends to establish new redevelopment programs, or expand existing programs, including but not limited to programs in the following areas:façade improvement; infrastructure improvements; retail and commercial recruitment; historic preservation; major employer incentives; land assembly and relocation;community facilities; public/private development; and housing. Financing, Taxes and Incentives A variety of federal, state and local incentives are available depending on the project, such incentives may significantly reduce the tax burden facing an existing or prospective new employer.Such incentives include: • The Advantage Arkansas Income Tax Credit provides a credit on state income tax between one percent and four percent of new payroll for five years, depending on the location of the project within the state. •The Tax Back Refund Program provides sales and use tax refunds for building materials and taxable equipment connected with an eligible project.The state has limited the scope of the refund program but a variety of targeted, non-retail sectors are eligible for the refund. • The InvestArk Sales and Use Tax Credit is available to businesses established in Arkansas for at least two years that invest at least$5 million or more in the construction, expansion, or modernization of plant or equipment. • The Create Rebate Program provides businesses a rebate from 3.9 percent to 5.0 percent of annual payroll of new,full-time employees, depending on the location of the project in the state. Eligibility is limited to the same non-retail sectors that are eligible for the Tax Back Refund Program. • The ArkPlus Tax Credit is an income tax credit for new or expanding companies in the state that cannot exceed 50 percent of the eligible company's income tax liability resulting from the project.Eligibility is limited to the same non-retail sectors that are eligible for the Tax Back Refund Program and the Create Rebate Program. • The state offers a number of other Targeted Business Incentives to new knowledge-based companies in their early years, including a variety of income, payroll, and sales and use tax credits. •The Research and Development Tax Credit offers eligible businesses that contract with one or more Arkansas colleges or universities to perform research receive a 33 percent income tax credit. Companies performing in-house research may receive a 20 percent income tax credit. • • AEDC and ADFA Bond Guarantee Programs can guarantee up to$5 million of the bond issue, allowing bonds to be sold at a higher credit rating and therefore lowering the effective interest rate for businesses. •The Seed Capital Investment Program (SCIP) provides working capital up to$500,000 to help support the initial capitalization or expansion of technology-based companies in the state. • The Arkansas Capital Corporation also provides direct financing assistance to meet more long- term needs of the state's businesses by providing fixed-rate loans. •The Venture Capital Investment Fund,administered by the Arkansas Development Finance Authority, is intended to raise significant amounts of venture capital for investments within the state. • Industrial Revenue bonds can lower property taxes on new building construction and equipment purchase by 50%for the qualifying entities. • Federal New Market Tax Credits,Affordable Housing Tax Credits and Federal and State Historic Preservation Tax Credits.