Urban Renewal Agency Meeting

🧾 Adopted Resolution 2308 approving the FY 2025‑27 URA budget (~$4.7 M including reserves) to keep debt-funded revitalization efforts moving.
🕰️ Confirmed the 20-year URA sunset hits in 2027; staff will launch a small amendment to extend the date so the district can continue borrowing for projects.
🗺️ Budget sets aside professional-service dollars to pursue a major plan amendment—or potentially create a second URA district—to refresh project lists, adjust boundaries, and revisit the “maximum indebtedness” cap.
🧱 Maintained flexible grant line items so the agency can continue tenant-improvement programs, facade support, or new incentives without re-adopting the budget.

Consent Items
- June minutes approved unanimously; no public comment.
URA Budget Discussion
- Finance Director Joe Gall highlighted key budget components:
  - Professional services fund two efforts: (1) extend the existing district’s sunset beyond 2027; (2) undertake a substantial amendment (or consider a second district) to keep momentum in downtown/Glencoe while opening opportunities in other areas.
  - Debt service line covers the current obligations (food-cart pod, Glencoe Opportunity Area infrastructure, etc.).
  - Grant/“property assistance” line remains broad so the board can authorize tenant-improvement or facade support without mid-cycle budget changes.
- Board members discussed strategy: keeping the current district focused on Glencoe/downtown while exploring a second URA elsewhere could preserve capacity for both legacy and new projects.

Staff to bring back a timeline for the minor sunset-extension amendment (must be completed before mid‑2027).
Begin scoping the substantial plan amendment/second-district feasibility, including consultant selection and community engagement.
Track grant usage under the new budget and return with recommendations if demand exceeds the current allocation.