Urban renewal area established
“The area includes city-owned property on The Island as well as parcels on Fifth Street North extending to Highway 45 North, a section of downtown and a portion of Seventh Avenue North, a portion along Main Street beginning at 12th Street and ending just beyond the railroad tracks and the Warehouse District located in the Southside Historic District.
Finding the area to have blighted parcels and approving the area was a pre-requisite mandated by state code to establishing an authority that could help rehabilitate parcels that generate more tax revenue for or improve quality of life there. Once established, the authority would, once it is capitalized, have the ability to purchase or sell property for the purpose of development, develop property on its own or clear parcels in too much disrepair to redevelop. After fielding applications from those interested in being on the authority, Mayor Robert Smith can get feedback from the council and appoint the members. City director of planning and community development Christina Berry said the method for funding the plan would be determined at a later date by the council.
“If there is a developer that’s interested in property that’s within this area, we can work with them to help their development come to fruition, whether that be going after a bond and working on a deal structure to how that bond is paid back,” Berry said.
One thing the authority will not have, Berry said, is the power of eminent domain, meaning it cannot take private property in the urban renewal area for public use. It can help a developer purchase property or buy property itself if the current landowner agrees to sell it. “
Gregory, Nathan. The Dispatch 7 May 2014.