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Joint Review Board approves removing one parcel from TID 5 to allow Astor 1 parcel consolidation
Summary
The Tax Increment District Joint Review Board approved a minor territory amendment for TID 5 on March 11, 2025 to remove one parcel so a developer can combine two lots for the Astor 1 multifamily project; staff said a separate TIF request may follow later in 2025.
A city staff member told the Tax Increment District Joint Review Board on March 11 that the board approved a territory amendment to remove one parcel from Tax Increment District (TID) 5 — East and West Downtown — so a developer can combine two adjacent parcels and proceed with the Astor 1 multifamily project.
The change, approved by motion, removes the single parcel from TID 5 rather than adding the other parcel to the district. "We're just looking to remove this parcel from TID 5 so that they can combine the parcels and proceed with their project," the city staff member said. The staff member also disclosed that the city is in preliminary discussions with the developer and "there might be a TIF request coming here soon," leaving open the possibility of a new TIF district later in 2025.
Board member Adam Faust moved to approve the amendment; another board member seconded the motion. The board approved the territory amendment by voice vote.
The amendment is narrowly procedural: it resolves the legal obstacle that prevents combining two parcels when one parcel lies within a TID and the other does not. City staff said the change is intended to allow the developer to consolidate the two parcels and move forward with permitting and site work. No funding or incentive agreement was finalized at the meeting; staff said any future TIF assistance would be negotiated separately and would return to the board and other city bodies for approval.
The board did not identify the parcel by parcel number at the meeting; staff described the site as located just south of Mason Street on Adams and noted it involves two parcels currently held in different tax increment statuses. The city will return with any formal TIF request if a developer seeks financial incentives later in 2025.
