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Council to consider redevelopment agreement: orthodontist seeks TIF reimbursement for downtown renovation
Summary
Applicants Andrew and Lauren Olsen asked the Community Development Committee to approve a redevelopment agreement that would make up to $2.7 million in eligible expenses for renovating 200 S. Lincoln potentially reimbursable through the Central City TIF.
Community Development staff presented a redevelopment agreement request for ALWA Properties (applicants Andrew and Lauren Olsen) to renovate the former bank at 200 South Lincoln into an orthodontics office plus tenant retail. Staff listed approximately $2.7 million in total eligible expenses (roughly $791,000 land acquisition; $1.8 million building renovations; $93,000 professional services) that could be reimbursable under the Central City TIF, and noted the agreement has received legal review.
Staff explained how TIF works: property tax increment above a baseline year accrues to a redevelopment account and a prorated developer reimbursement (staff cited a typical 75% share) is paid from that increment. Staff also cautioned that the full $2.7 million figure represents eligible costs and not a guaranteed reimbursement; based on prior projects the actual reimbursement is often lower because it depends on future assessed-value increases.
Committee members asked about TIF lifespan and amounts available; staff said the Central City TIF began in 2015 and expires in 2038, leaving roughly 13 years of term remaining for capturing increment. The committee voted to forward the redevelopment agreement to the full council for final consideration.
What comes next: Staff will place the redevelopment agreement on the full council agenda for final vote and any subsequent negotiation of reimbursement terms.
