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Council approves first reading to create community improvement district for South Broadway redevelopment
Summary
Council held a public hearing and placed on first reading an ordinance to establish a Community Improvement District (CID) for the SoSee Corner redevelopment on South Broadway, allowing up to a 2% CID sales tax rebate for up to 22 years to reimburse eligible expenses estimated at about $450,000.
Developer and neighborhood representatives asked the City Council to establish a Community Improvement District (CID) for the SoSee Corner redevelopment on the southwest corner of Lincoln and South Broadway. Troy Anderson, assistant city manager, said the applicant is Socioeconomic Development Group LLC (SOCI), which owns the parcels and proposes a mixed‑use redevelopment with retail, office and multifamily components.
The applicant requested a 2% CID sales tax rebate for up to 22 years or until a cost cap is reached. The estimated project value is about $2.6 million, with eligible reimbursable expenses of about $450,000. Anderson said no city debt or general‑fund dollars would be used; proceeds from the 2% sales tax increment would be rebated to the developer to reimburse eligible costs and the city would retain an origination fee equal to 10% of sales tax proceeds for potential public improvements.
Adam Barlow Thompson, representing the neighboring movement and property owners, described planned security and lighting improvements, fencing and cameras for the residential portion, and asked the council to support the CID. Several neighbors, including Tim Macquarie, spoke in favor, saying the project will help revitalize a blighted corner and link the neighborhood to downtown.
Council member Maggie Ballard moved to close the public hearing, place the ordinance on first reading and authorize necessary signatures; the motion passed on first reading 7‑0.
Council and staff discussed timing and use of the 10% origination fee and noted options: the city can collect proceeds over time and allocate to a public improvement or bond the improvements up front and reimburse itself as proceeds come in. Staff said final decisions on how and when to spend the origination fee would follow more detailed project cost estimates and finance review.
The CID ordinance advanced on first reading; a second reading and final council approval will follow the city’s normal ordinance process.
