Committee of the Whole refers downtown sale and 30‑year TIF to full council

Lakewood’s Committee of the Whole on an informational meeting referred two ordinances to full City Council that advance the planned redevelopment of the former hospital site, including a proposed transfer of title to Bell Ave Partners LLC and creation of a 30‑year tax increment financing (TIF) fund to subsidize construction of a public parking garage, plaza and parks.

The referral came after a presentation by Planning Director Byington outlining the development plan previously approved by council that calls for about 25,000 square feet of new commercial or retail space, renovation of the Curtis Block, 298 apartments, a 567‑space parking garage, a public plaza and two public park spaces. Byington said the sale price for the city parcel is $1,500,000, payable 30 days after issuance of the final certificate of occupancy for Building A, with repayment forgiven if the city determines the developer has completed the parking facility, community space and public parks and recorded easements or declarations providing public access.

Why it matters: The ordinances under review would allow a developer to use a long‑term TIF vehicle to underwrite public assets tied to the project while the residential portion would be handled as a non‑school TIF subject to a previously executed school…