City Approves Development Agreement and TIF for Bell Ave Partners LLC Project

The Lakewood City Council meeting on August 4, 2025, focused on significant developments regarding a new residential and commercial project, including financial agreements and timelines. Key discussions centered around the approval of a development plan that includes various Tax Increment Financing (TIF) agreements and a school compensation agreement.

The council outlined a 15-year residential Community Reinvestment Area (CRA) and two TIF agreements: an 85% TIF for commercial developments and a 100% TIF specifically for a parking garage. These financial tools are designed to support the project while ensuring that the local school district receives compensation during the construction phase. The school compensation agreement includes sharing income taxes and stipulates that the school will receive 15% of the revenue from the commercial component of the project.

A proposed ordinance was introduced to authorize the transfer of property to Bell Ave Partners LLC for $1.5 million, with payment due 30 days after the final occupancy certificate for the first building. However, this payment may be forgiven if the developer meets specific conditions, including the completion of the parking facility and public spaces.

The development agreement requires the developer to cover customary closing costs and to have an operations and maintenance plan for community spaces approved by the city. The necessary rezoning and lot splits have been completed, and easements for public access to the parking facility and parks have been recorded.

Additionally, the council discussed the logistics of the TIF agreement, which is set for a term of 30 years. It was clarified that the TIF does not include the seven proposed townhomes. The meeting concluded with confirmation that the school compensation agreement has been executed, a prerequisite for establishing the TIF.

Overall, these developments mark a significant step forward for Lakewood's urban planning and community development efforts, aiming to enhance local infrastructure while balancing the needs of the school district.