TIF board approves purchase of Monfort strip center to assemble Valley View central park

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 multi-tenant retail building with 12 existing retail tenants and public utilities. According to the presentation, the building was constructed in 1972; two independent appraisals were completed in November, and the property’s estimated stabilized net operating income was cited at about $540,000. The staff recommendation also includes up to $60,000 in closing costs; the acquisition package states there are no relocation expenses for this property type.

Under the proposed ownership plan, the city’s Parks and Recreation Department will retain operational responsibility for the property after closing. Staff said the department will manage tenant relations through a property manager, and the park board advised offering three-year lease renewals with 180-day termination clauses to preserve flexibility for eventual demolition and park construction. The purchase approval includes a condition that the site will not be officially dedicated as municipal parkland until it is developed for that purpose; staff said that mirrors a condition used when the city acquired the Prism property (5580 Peterson) earlier.

Board members asked about valuation and lease terms during discussion. Staff confirmed there were two independent appraisals and said the city will not pay above appraised value. The recommendation notes the property is not inside the TIF boundary but can be acquired with TIF dollars when it serves as an area of public assembly.

Next steps described by staff: if the TIF board approves the acquisition (as it did), the item will be forwarded to City Council for authorization; staff estimated closing could occur about 30–45 days after council action. Staff said the acquisition is the second of five parcels they anticipate assembling for the envisioned central park.

Votes at a glance

- Motion to approve acquisition of 13305 Monfort Drive for an amount not to exceed $11,310,000 (funding: up to $1,829,328 TIF funds; remainder from 2024 bond park funds). Mover/second: not specified in the transcript. Vote: yes — Jamie Gonyea; Suzanne Smith; Mike Sims; Mahesh Gihani; Julie Newman; Oscar (last name not specified). Outcome: approved.

- Motion to approve the meeting record for the April 29, 2024 meeting. Mover/second: not specified. Vote: unanimous aye. Outcome: approved.

- Motion to adopt the proposed 2025 regular meeting schedule (proposed dates: May 22, Sept. 11, Dec. 18). Mover/second: not specified. Vote: unanimous aye. Outcome: approved.

Why it matters: staff and board described the central park as the key public amenity that will unlock higher-density private development and greater public benefit in the Valley View Galleria area. The acquisition is part of a long-running assembly strategy tied to the district’s project plan and to voter-approved park bond funds.

What remains open: City Council authorization and completion of closing steps, and the long-term timeline and scope of park improvements, which staff said will be phased as land is assembled and funding is available.