SUBJECT: Interlocal Agreement for Neighborhood Revitalization Plan
DESCRIPTION: Under the state's Neighborhood Revitalization Act enacted in 1994, governing bodies of municipalities may declare portions within their respective cities as areas for improvement and, as incentive for certain types of improvements in the area, provide for the rebate of the incremental increase in property tax receipts resulting from the improvements a limited period of time. Since its inception, Washburn University has participated in the Topeka's Neighborhood Revitalization Plan by entering into an Interlocal Agreement. The effect of entering into the agreement, along with other taxing subdivisions within the city, is to rebate the incremental increase in property taxes attributable to the qualifying improvements within the various districts designated in the Plan just as the city does.
The city of Topeka recently amended its Neighborhood Revitalization Plan to include two new multi-family residential districts and one new special district. One of the multi-family residential districts added is in east Topeka, bounded by Market and Woodland Streets on the east and west and by Shunga Creek on the north and Sixth Street on South. The other two new districts are on the former Topeka State Hospital grounds. The multi-family district added is essentially located on the southwest corner of the for TSH grounds at Sixth and Oakley Streets and the new special district is located generally at the northeast corner of the TSH grounds at I-70 and MacVicar. To qualify for participation in the Plan and receive a rebate in the newly added multi-family districts the rehabilitation, the construction of, or renovation or additions to, multi-family dwellings (2 or more family) must increase the assessed valuation by 5%. To qualify for participation in the rebate under the Plan in a special district, the new construction of, or rehabilitation or addition to, existing structures for office and institutional buildings or commercial or industrial structures increasing the property's assessed valuation property by 15%. The current time frame is for construction, rehabilitation or additions made before December 31, 2003.
RECOMMENDATION: President Farley recommends the Board approve entering into the new Interlocal Agreement for the amended Neighborhood Revitalization Plan.
(date) Jerry B. Farley, President