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Council committee advances $2.05 million TIF-backed land acquisition in Pleasant Ridge
Summary
The committee placed on for passage a funding agreement to acquire multiple parcels on Montgomery Road in Pleasant Ridge using $2,052,800 in TIF resources plus $80,000 for staffing to combine parcels and support the business district redevelopment.
The Budget and Finance Committee on March 9 advanced an ordinance to execute a funding agreement with the Pleasant Ridge Development Corporation to acquire three parcels on Montgomery Road in the Pleasant Ridge business district.
Dr. Dudas said the ordinance would transfer and appropriate $2,052,800 from the Pleasant Ridge TIF fund for the acquisition, plus $80,000 for staffing resources to support the acquisition process. The parcels identified (6130, 6134, 6136 and 6146 Montgomery Road) would be combined, a step council members said is important for the district’s long-term redevelopment and traffic-calming plans.
Council members praised the coordinated work between the community council and the development corporation. “This has been part two of a multi-pronged approach here for some really strategic acquisitions,” Council member Walsh said, adding that planned traffic calming and coordinated acquisitions will help take the business district to the next level.
The chair put item 8 on for passage; the ordinance was placed on the agenda for final passage by the committee.
