Staff has received interest for development of a new light industrial building on the U.S. Truck Driving School property located at 8150 W. 48th Avenue. The City occasionally receives interest concerning redevelopment of this parcel and the area surrounding it. The establishment of an urban renewal plan for this area would allow for the use of tax increment financing (TIF) to finance the extraordinary costs associated with redevelopment of this property including potential environmental cleanup and floodplain improvements. Staff is seeking consensus from City Council to authorize Renewal Wheat Ridge to begin the process of creating a new urban renewal area and plan for this 33.3-acre site just south of I-70, north of Clear Creek, east of Carr Street and west of Wadsworth Boulevard (see Attachment 1).