Council approves Grand Millennium PUD amendment; introduces TIF-backed bonds and parking garage financing

The Westfield Common Council on April 14 adopted an amendment to the Grand Millennium Center Planned Unit Development and approved a related declaratory resolution that creates three tax-increment finance (TIF) allocation areas to support the project.

The action clears the way for city-supported financing the council introduced this evening: an economic development bond ordinance that would permit up to $25 million in developer-backed bonds and a redevelopment authority financing package that would allow up to $40 million in bonds or bond anticipation notes for land acquisition and a municipal parking garage.

Why it matters: Councilors and staff said the package is intended to provide infrastructure and catalytic development in the Grand Park/Grand Millennium area, including replacement parking that must be built before other planned private development can proceed. City officials said the financing is structured so most repayment will rely on TIF revenues tied to the project or to the specific developments and not on the city’s general fund.

Community Development staffer Ryan Collingwood told the council the PUD amendment applies to roughly 17.1 acres generally located on the west side of Westfield Boulevard within the Grand Millennium planned development area and that the amendment includes a new development concept plan, character exhibits and a commitment to allow up to 20 additional housing units. The amendment also incorporates a developer commitment exhibit that binds the development approach to the project’s…