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Community Development Agency, Long Range Planning Division, recommending the Board authorize Master Circulation and Funding Plan (MC&FP) revenue for the completion of the MC&FP Phase II Study as originally directed by the Board on May 22, 2012 and as authorized on March 30, 2015. (Est. Time: 1 Hr.)
FUNDING: Missouri Flat Area Master Circulation and Funding Plan. (100% - Local)
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DEPARTMENT RECOMMENDATION
Community Development Agency (CDA) , Long Range Planning Division, recommends directing Missouri Flat Area Master Circulation and Funding Plan (MC&FP) revenue for the completion of the MC&FP Phase II Study (Phase II Study), as originally directed by the Board on May 22, 2012 (Item 43), and as authorized on March 30, 2015 (Item 2).
DISCUSSION / BACKGROUND
The Missouri Flat Area has historically experienced high levels of traffic congestion due to its central location and existing commercial development. Phase I of the MC&FP was established in 1998 to provide a funding mechanism, through a sales and property tax increment, to address existing road deficiencies within the Missouri Flat Road corridor. The ultimate goal of the MC&FP was to encourage economic development in the commercial area surrounding the Missouri Flat Road and U.S. Highway 50 Interchange (Project Area). MC&FP Phase I has been an effective program that enabled the development of +/- 500,000 square feet of retail businesses, through focused roadway infrastructure improvement, that generates approximately $1,000,000 in sales tax per year. For a complete history of the MC&FP, refer to Attachment 3B.
The Board directed CDA staff to create an MC&FP Phase II based on the Board’s objective to encourage economic development in the commercial area surrounding the Project Area, as well as to address ongoing concerns regarding estimated annual sales tax leakage and annual operating revenues.
On March 30, 2015 (Item 2), the County retained Economic and Planning Systems, Inc. (EPS), to co...
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