IDB approves North River Access Road amendments to broaden uses, delay development timelines
Summary
The board approved amendments to the North River Commerce Center access-road development agreement and TIF documents that extend certain development timelines and broaden permitted non-hospitality uses (office, medical) on remaining parcels while keeping principal TIF amounts unchanged.
The Industrial Development Board approved execution of amendment documents for the North River Access Road project, staff and counsel said. Counsel told the board that the county and city had already approved an amendment to the economic impact plan and that implementation requires corresponding changes to the development agreement and TIF paperwork. The amendments extend the period for commencing allocations of tax-increment revenues and broaden permitted uses on two remaining parcels to allow some non-industrial uses, while excluding hospitality and retail in the amended language.
Sherita Allen said public infrastructure for the project—rom roads to signals and lighting lready has been completed and the amendment aligns debt service with tax increment revenues actually being realized from the portion of the project completed so far. "We did put into those, sort of that expansion of what could be developed... it allows for office, it allows for medical, it allows for some non-industrial that can be built on that site," she said.
Board members asked clarifying questions about market forces and whether the principal amounts remained unchanged; counsel and staff confirmed the principal amounts of the previously issued TIF notes were not increased, and that the change adjusts timing and permitted uses to reflect market demand. The board voted in favor of approving the amendment documents.
