Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council approves $2M redevelopment-backed loan and revenue note to build new road for Tailwinds business park
Summary
On a unanimous vote the council authorized a taxable economic-development revenue note and a $2 million Redevelopment Commission loan to fund construction of a city road and utilities for a new Tailwinds business park; the road will be dedicated to the city after inspection and completion.
The Common Council voted March 3 to authorize funding steps to deliver a new public road that will serve a roughly 30-acre Tailwinds business park south of the AMC theater.
Skyler York, director of redevelopment, told the council the project will create roughly 11 building lots and a full city road with sidewalks, curbs, gutters, utilities and a bus-shelter location. The redevelopment commission will commit a $2 million loan to the developer to finance the road construction; the developer will build to city specifications and the city engineer will inspect before accepting the road as a dedicated public street.
Council members asked about lighting and other public-infrastructure standards; York said intersections and sidewalks will meet municipal lighting and pedestrian standards. The process includes staged payouts tied to construction milestones ($800,000 at start, $800,000 at midpoint inspection and $400,000 at final dedication).
The ordinance moved through second and third readings and passed unanimously on third reading. Council and staff said the project will connect to existing streets to improve local circulation and is expected to spur adjacent development once infrastructure is in place. No changes to zoning were requested as part of the measure; any future land-use approvals will proceed through ordinary plan-commission review.
