Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Joint Review Board approves minor TID 5 territory amendment to allow Astor 1 parcel consolidation
Summary
The Tax Increment District Joint Review Board on March 11 approved removing one parcel from TID 5 so a developer can combine two adjacent parcels south of Mason Street on Adams for the proposed Astor 1 multifamily project.
The Tax Increment District Joint Review Board voted March 11 to approve a minor territory amendment to Tax Increment District (TID) 5 that will remove one parcel from the district so a developer can combine two adjacent parcels for a proposed multifamily project called Astor 1.
A city staff member told the board that the site is split across two parcels, one of which sits inside TID 5 and the other outside the district, and state law and local practice do not permit combining parcels when only one parcel is inside an existing TID. The amendment approved Wednesday will remove the single parcel from TID 5 so the developer can merge the two lots and proceed with the Astor 1 proposal.
The staff member said TID 5 is near termination, scheduled to end in December of next year, and that the city and developer are in preliminary discussions about a possible future TIF request; no formal TIF application was before the board on March 11.
Board member Adam Faust moved to approve the territory amendment; a board member identified in the record as Cole seconded the motion. The board voiced approval during the roll call and the amendment passed.
The action taken at the March 11 meeting only removes one parcel from TID 5 to enable lot consolidation; it does not approve financing or incentives for the Astor 1 development. The staff member said any future TIF request related to this site would return to the redevelopment authority and common council for additional approvals later in the review process.
