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Redevelopment commission approves four TIF allocation areas and takes first step on $20 million developer-backed bond for Liberty West
Summary
The Redevelopment Commission moved forward four tax-increment finance allocation areas and authorized an initial step on a developer-backed bond for the Liberty West project; an Economic Development Commission public hearing is scheduled next.
At a meeting before the council on Jan. 28, the Redevelopment Commission took action on five resolutions: four creating tax-increment finance (TIF) allocation areas and a fifth initiating the first step toward a developer-backed bond for the Liberty West development.
Councilman Pettit told the council the four new allocation areas cover North Broadway, the Silos East on 101st Avenue, Mississippi Street ("the Mississippi Street Crow" as referenced in materials) and Liberty West. Pettit said the fifth resolution begins a developer-backed bond process for Liberty West in the amount of $20,000,000.
Pettit said the next step will be public notice and a hearing at the Economic Development Commission level; he referenced a tentative EDC public hearing date of Feb. 18 and said that, after the EDC hearing, the item will return to the council and then back to the Redevelopment Commission for subsequent steps.
Pettit described the developer-backed bond as a familiar municipal tool, noting the town has used developer-backed financing previously; he framed the Jan. 28 action as the first step in a multistage review process that requires additional public hearings and approvals.
No final council vote to approve the bond was taken at the Jan. 28 council meeting; the EDC hearing and subsequent council actions will determine whether the project proceeds.
