Committee recommends Bell Building urban renewal plan, developer seeks TIF to finance rehabilitation

The Cheyenne Public Services Committee voted to recommend that the City Council adopt a resolution approving the Bell Building Urban Renewal Project and Plan under Wyoming Statute 15-9-110. The plan would enable tax increment financing (TIF) to help rehabilitate the historic building at 1605 Central Avenue.

Development staff described the property as an 18,000-square-foot historic structure that has required stabilization and remediation work, including roof and contaminant issues. The property previously received a Brownfields Revolving Loan Fund grant of about $408,000 and more recent façade work funded in part with a DDA matching grant of about $50,000. The developer reported additional private investment of roughly $400,000 in façade and window improvements.

Under the proposed urban renewal plan, the developer would remove an unsafe fourth floor, install sprinklers, emergency exits and an elevator, reconnect utilities, and build a mechanized parking structure estimated at about 32 spaces. The applicant estimates the TIF increment over 25 years could be roughly $930,000; the county assessor provided a similar 20-year estimate of about $790,000 (staff noted the numbers are roughly comparable given projection differences). If the plan is approved, the property’s tax base for distribution would be frozen beginning 2026 and any future increment under the redevelopment would be eligible for reimbursement under a development agreement.

Planning staff said the Planning Commission on Oct. 6 recommended denial, citing concerns about financial workability, public access, and perceived favoring of private interests. The Urban Renewal Authority, by contrast, recommended approval earlier in the process. Staff noted the next step after resolution approval would be a detailed TIF application with third-party peer review of the developer pro forma and an explicit development agreement that itemizes eligible public-facing improvements.

The developer’s team, represented by Amy Surdam, architect Megan Rex and parking-system representative Sean Adams, described a proposal for 5–7 residential units above street-level retail, and an automated (carousel-style) parking system that would maximize parking capacity in the building footprint. The team said they have been awarded historic rehabilitation tax credits and are on a timeline tied to those credits.

Committee members asked how eligible costs would be distinguished between public-facing improvements (eligible for TIF) and private interior work. Staff said the governing body would make the final determination about eligible costs; third-party analysis will evaluate the financial gap. One member asked whether items such as fire suppression and utilities typically qualify; staff said life-safety and utility upgrades have commonly been identified as eligible in prior projects but eligibility is ultimately decided by the governing body and the development agreement.

Public comment included a neighborhood advocate who questioned whether parking revenue should be treated as a public benefit and urged clarity on what qualifies for TIF reimbursement. The committee moved to adopt the resolution; the motion passed and the committee will forward the resolution to the City Council. Staff said the detailed development agreement and the TIF application would return to council and the committee for review.