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Council approves TAD allocation for proposed 5‑story office at 126 Bradford Street
Summary
Gainesville approved tax allocation district (TAD) funding for a Capstone Properties proposal at 126 Bradford Street, a five‑story office project, with an approval figure read in council materials of about $1,874,000 over roughly 15 years; council was told the TAD life would not be extended past 2039.
Gainesville’s mayor and council voted unanimously on Sept. 17 to approve a Tax Allocation District (TAD) funding allocation for a proposed five‑story office building at 126 Bradford Street.
City Manager Brian Lackey described the project as Capstone Properties’ plan to build a five‑story office on a downtown parking lot and said the approval being considered was for roughly $1,874,000 in TAD assistance spread over about 15 years. He emphasized that the allocation would not extend the life of the TAD past 2039.
The item had been presented to the TAD advisory committee, which made a unanimous recommendation for the project, according to staff. Council moved and seconded approval of the resolution and voted 'passes unanimously.'
The council discussed the matter as one of several resolutions on the consent/resolution list and did not solicit public comment during the meeting on the specific TAD allocation. The grant and transit items that accompanied this resolution on the agenda were presented as routine annual or pass‑through contracts.
The city will proceed with whatever administrative steps are required to implement the TAD agreement and related contractual documents with the developer following the council’s approval.
