Riverdale RDA presents West Bench budget amendment proposal; board took no action

Riverdale Redevelopment Agency Board members heard a presentation and opened a public hearing on a proposed amendment to the West Bench redevelopment project-area budget that would change participation from 100% to 80%, extend the tax-increment collection period from 17 years to 22 years, and raise the project cap from $9,000,000 to about $51,000,000 (future value). No final vote was taken at the meeting.

Mister Cooper, Redevelopment Agency staff, gave the presentation and said the project area was created in 2005 and "This project area was established in 02/2005. It's about 74 acres, has a base year of 2011." He described a new development proposal centered on an America First Credit Union campus and said the proposed budget amendment is intended to cover significant trunk-line infrastructure — roads, widened bridge approaches and water and sewer mains — needed to support the larger mixed-use plan.

The proposal, as presented, would keep the existing project-area boundary and base valuation but change the financing terms: move from 100% to 80% participation for all taxing entities, extend…