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Clarksburg council approves up to $7 million TIF reimbursement for Waldo Hotel redevelopment
Summary
The City Council adopted a reimbursement resolution allowing the city to reimburse developer expenditures tied to the redevelopment of the former Waldo Hotel from proceeds of tax-increment financing obligations, with a maximum principal amount not to exceed $7,000,000.
Clarksburg City Council on the record approved a reimbursement resolution permitting the city to reimburse expenditures made by developers associated with the redevelopment of the property formerly known as the Waldo Hotel from the proceeds of tax-increment revenue obligations, with a maximum principal amount of $7,000,000. The motion passed after public council discussion; the motion carried on a voice vote.
The resolution allows the city to issue tax-increment financing (TIF) obligations and use proceeds to reimburse eligible project expenditures. City Manager (on the record) clarified that the financing would be issued as a new TIF district. “Correct. It’s a new TIF,” the City Manager said during the item.
Councilman Hunter, who voted against the measure, said he has consistently opposed the agreement. “I personally don’t like the agreement. That’s why I voted no and continue to vote no for the entire process,” Hunter said, adding he preferred a different negotiation approach with staff and the developer. Other council members who spoke — including Councilman Deans and Councilman Jackson — framed the vote as a step toward economic progress and protecting city tax dollars; Vice Mayor Riffle and others said they supported the resolution as a responsible use of TIF funds.
Council discussion touched on the mechanics of the TIF, the city’s leverage of funds that can only be used for certain redevelopment purposes, and the desire by some members to increase transparency so other local businesses can consider similar opportunities in the future. Councilman Jackson said the city should “try to market” TIF opportunities to other prospective investors so local businesses understand how to seek similar support.
The motion to adopt the reimbursement resolution carried; council did not record an itemized roll call in the transcript for this motion. No implementation timeline or closing conditions were stated on the record during the council action.
The item was discussed as an agenda matter during the council’s business session and followed by additional related economic development items on the same agenda.
