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Developer seeks $270,000 in TIF for 250 West 12th redevelopment; council as CDA advances plans
Summary
J Building Company representative Kevin Anderson asked the council (sitting as the CDA) for about $270,000 in tax‑increment financing to acquire and redevelop 250 West 12th, with funds targeted to acquisition, demolition, parking and landscaping; CDA passed resolutions to move the plan amendment and redevelopment agreement forward.
Sitting as the Community Development Agency on Nov. 25, the Wahoo council heard from Kevin Anderson of J Building Company about a redevelopment proposal for 250 West 12th and a request for approximately $270,000 in tax‑increment financing (TIF).
Kevin Anderson said the requested TIF would pay primarily for acquisition, demolition and parking/landscaping work and that the current property valuation is about $122,000 with an anticipated post‑project valuation near $1.12 million. “About $270,000 of request of tax increment financing … the majority of TIF funds will go to things like acquisition, demolition and redoing the parking lot,” Anderson said.
Anderson described the project as a roughly 2,400‑square‑foot adaptive reuse building on a 19,000‑square‑foot lot intended for storage and professional services; he said a tenant is identified but could not be disclosed publicly at this stage and that construction could start in January for interior work, with a four‑to‑six‑month build‑out depending on weather.
As CDA business, councilmembers approved two resolutions to issue a redevelopment‑plan amendment and a redevelopment agreement contingent on final city‑council approvals. No final TIF disbursement or binding agreement was adopted at the meeting; the items were advanced to allow further review and final council action.
The developer said the redevelopment agreement would have an effective date of Jan. 1, 2027, for valuation purposes, with the first TIF payment expected in 2028 if the project and valuation proceed as planned.
