Committee moves Old City Hall redevelopment and $66M bond authorization to full council

The Metropolitan and Economic Development Committee moved Proposal 76 to the full City-County Council on March 10 after presentations about a planned mixed-use redevelopment that would connect a new 29‑story tower to Old City Hall and use up to $66 million in taxable economic development lease‑rental revenue bonds to fund a portion of the project.

Megan Vukasich, director of the Department of Metropolitan Development, told the committee the project began after a 2022 request for proposals and that TWG Development was selected to redevelop the surface parking lot adjacent to Old City Hall. "In October of 2022, DMD issued a request for proposals for redevelopment of the surface parking lot next to Old City Hall," Vukasich said.

Nut graf: Committee members heard developers and the city’s financing team describe the proposed capital stack, public approvals secured to date and the specific bond structure before agreeing to advance the ordinance to the full council for final consideration. The item was presented as a financing tool that the developer says is necessary to close a funding gap created by higher construction costs and interest rates.

Chase Smith, vice president of market‑rate development at TWG, presented project details and a schedule. He said the development would be a 29‑story mixed‑use tower linked to renovated Old City Hall, with a rooftop amenity deck, 23 condos, 86 apartments (including a 5% commitment at 30% AMI tied to an earlier TIF…