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May9,2007 <br /> AYES: Roberts,Olson,Hagoe,Gipson,Nielsen,Stonecipher, <br /> Overstreet <br /> NAYS: None <br /> Ordinance No.2993-07 adopted. <br /> PUBLIC HEARING—RIVERFRONT REVENUE DEVELOPMENT AREA <br /> President Stonecipher opened a public hearing regarding the preparation <br /> of a Riverfront Revenue Development Area formation ordinance. <br /> Brian Jones,Public Works,gave a slide presentation regarding LIFT <br /> (Local Infrastructure Financing Tool),a new form of tax-increment <br /> financing.and RDA(Revenue Development area). He explained what <br /> they are,how they work,and how LIFT will be used. He discussed the <br /> reasons for acting now,the key steps to Implementation,the advantages <br /> of LIFT and the challenges. <br /> President Stonecipher Invited public comment.There was no response. <br /> Moved by Council Member Gipson,seconded by Council Member <br /> Roberts to close the public hearing. <br /> Roll was called with all council members voting yes. <br /> Motion carried. <br /> RIVERFRONT REVENUE DEVELOPMENT AREA <br /> Moved by Council Member Overstreet,seconded by Council Member <br /> Hatloe to direct staff to prepare a Riverboat Revenue Development <br /> Area formation ordinance for the Council's consideration. <br /> 162 <br />