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Finance director outlines proposed TID 17 for 92-market-rate apartments at 2825–2835 N. Mayfair Rd.
Summary
City finance staff proposed a single-site rehabilitation Tax Incremental District (TID 17) for 2825–2835 N. Mayfair Rd., describing a 92-unit market-rate apartment project with estimated total costs just over $5 million and a proposed $2.85 million municipal revenue-obligation development incentive; the public hearing closed and the matter will go to Plan Commission.
The city’s finance director described a proposed Tax Incremental District 17 to support a rehabilitation project at 2825–2835 N. Mayfair Rd. He said both former buildings on the site have been demolished and the proposal is for a 92-unit market-rate apartment building.
According to the director, estimated total project expenditures are a little over $5,000,000, with a development incentive proposed as a municipal revenue obligation of $2,850,000. The proposed termination period for the district is 27 years.
The presiding officer opened the public hearing on the proposal; no members of the public spoke for or against the creation of TID 17 in person or via Zoom. The presiding officer said the TIF application and project plan summary prepared by the developer (Elders Corporation) are in the council packet and noted the item will go to the Plan Commission for review and later return to council for action.
Finance Director John Regini presented the TID purpose as rehabilitation and said the packet includes a project plan summary prepared by the developer.
