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Board approves second TIF draw for Beacon Hill business park after project update
Summary
After a presentation on a 250-acre Beacon Hill business park and a review by counsel, the board approved draw number 2 related to the project's Series A tax-increment financing; the written request and on-the-record amounts given in the meeting were inconsistent.
The board approved draw number 2 for the Tax Allocation Area 0.65 tax-increment financing (TIF) tied to the Beacon Hill business park after a presentation by Jeff Van, a project manager for the Beacon Hill development. The action was taken by voice vote after counsel reviewed the submitted invoices and described them as allowable expenses.
Jeff Van told the board the Beacon Hill site is a roughly 250-acre master plan on the southeast side of town adjacent to I-65, about half a mile south of Broadview. Van said the master plan envisions more than 2,000,000 square feet of building space and described two existing buildings: one 320,000-square-foot frozen food storage building developed by Arcadia and a roughly 215,000-square-foot Corex building that opened earlier this year. Van said the Series A TIF bond funded an extension of Mississippi Parkway and related infrastructure from Iowa Street West; he described the Series A infrastructure cost as about $5.5 million to $6 million and said the Series A bond totaled $9.3 million when capitalized interest and professional fees were included.
Van said the developer had submitted a written request for $42,286.53 covering professional services and other costs and that about $7,000 of the request was for monthly stormwater monitoring required by city stormwater regulations. On the record at the meeting Van also said the board was being asked to approve $14,286.53; the transcript contains both amounts and they are not reconciled in the meeting record. Board counsel told the board the invoices and expenses shown were allowable. The board approved draw number 2 by voice vote; the transcript records members saying "aye" and no recorded opposition.
The board also approved a batch of invoices presented later in the meeting identified in the record as "2025-8-0." A motion to approve the invoices was made, seconded and approved by voice vote.
Van offered to provide a fuller briefing and additional documentation at a future meeting to give the board more context on project deposits and the overall TIF structure.
Meeting minutes do not record individual roll-call votes or identify which board member moved and seconded the motions; the approvals were recorded as voice votes in which members present signified "aye."
