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TIF board approves purchase of Monfort strip center to assemble Valley View central park
Summary
The Mall Area Redevelopment Tax Increment Financing (TIF) Reinvestment Zone No. 20 Board of Directors voted unanimously to approve acquisition of 13305 Monfort Drive for a purchase price not to exceed $11,310,000 to help assemble a planned 20-acre Central Park (branded International Commons) in the Valley View Galleria area.
The Mall Area Redevelopment Tax Increment Financing (TIF) Reinvestment Zone No. 20 Board of Directors voted unanimously to approve acquisition of 13305 Monfort Drive for a purchase price not to exceed $11,310,000 to help assemble a planned 20-acre Central Park (branded International Commons) in the Valley View Galleria area.
The board approved using up to $1,829,328 from the Mall Area Redevelopment TIF fund, to be leveraged by roughly $9.5 million from the city’s 2024 parks and recreation bond proposition B, for a combined authorization not to exceed $11,310,000. Kevin Spad, the staff presenter, told the board the purchase is “necessary and convenient to the implementation of the TIF District’s project plan and reinvestment zone financing plan.” He later said, “Everything should go smoothly, and we should become proud owners of this property probably by the look.”
The parcel is 1.83 acres (about 79,900 square feet) and contains a one-story, approximately 25,000-square-foot…
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