Community Development Authority hears plan to amend TID 7, propose donations to TIDs 6 and 13 and set aside funds for Summit Place upgrades

The Community Development Authority on Sept. 30 held a public hearing on a proposed amendment to Tax Incremental District No. 7, known as Summit Place, that would use available TID 7 funds to retire debts in two older TIDs and reserve money for property acquisition and building improvements.

Patrick, a staff member of the authority, told the CDA TID 7 was created in 2004 around the former Alice Chalmers manufacturing campus and has grown into roughly 650,000 square feet of office space. He said the TID is performing well and currently shows a positive fund balance of about $6.6 million.

The staff recommendation presented would: apply $1.2 million from TID 7 to satisfy outstanding debt in TID 6; apply $215,000 to resolve debt in TID 13; allocate $880,000 to acquire the motor-casting site (previously approved by the CDA); reserve…