The Urban Renewal Authority is in place to identify and revitalize areas of the city deemed blighted and provide a funding mechanism to encourage redevelopment. The main funding tool is Tax Increment Financing (TIF) generated through property taxes. The plan areas capture TIF for a period of 25 years. Qualified projects can receive a portion of property tax generated to be allocated back into the project for the community’s benefit. Public and private investment in the areas further promotes development and redevelopment in a plan area, such as North College or Midtown.
Public improvements that will occur as part of the Foothills Mall redevelopment will be funded largely from future property tax revenues on the mall through the City’s Urban Renewal Authority. The URA focuses on redeveloping the urban core, with particular attention paid to aging infrastructure and unsafe conditions. Through financial incentives and strategic partnerships, the URA attracts private sector investment to the urban core to achieve the community’s desired land-use pattern. Read more about the Foothills Mall project and the URA in the 2013 Year in Review.
Mall construction is well under way after the City Council on Tuesday, May 6, voted 6-0 to approve an amendment to the redevelopment agreement with Foothills Mall developers that would allow the developer to meet leasing agreements over time. Mayor Karen Weitkunat recused herself from the discussion and vote citing a potential conflict of interest.
Have questions about the Foothills Mall? Check out these Frequently Asked Questions or watch the April 28 Q&A session hosted by the City and Mayor Pro-Tem Gerry Horak on the City's YouTube channel. The forum was an opportunity for residents to hear more about the proposed amendments to the mall agreement prior to the May 6 meeting. To sign up for a regular newsletter on the mall, go to fcgov.com/foothillsmall.
Storefront Improvement Program (North College)
Midtown Plan Area approved
Prospect South TIF district created
The Summit on College
Northeast College Corridor Outfall Project approved
Revised Policies and Procedures
Kaufman and Robinson (amended)
Rocky Mountain Innosphere
Union Place (2012 update:project dissolved)
Kaufman and Robinson
Foothills Mall Plan Area dissolved
North College Marketplace
Foothills Mall Plan Area created
Valley Steel and Wire Company
North College Plan Area created
Urban Renewal Authority created