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Madison County board approves expansion of Prado urban renewal district to finance conference center
Summary
The board voted to expand an existing Urban Renewal District to include additional Prado development parcels so private funds can help cover infrastructure and debt service for a proposed county conference center connected to a privately financed hotel.
Thad Varner of Butler Snow told the board the county and city have partnered with private developers to finance a proposed conference center and an adjacent hotel, using an expanded Urban Renewal District to capture private revenues to help pay bond debt service.
"The Urban Renewal District allows us to use private monies from the Prado Group and other revenues to pay debt service so that the county doesn't have to be on the hook for the entire amount of the debt service," Varner said.
Varner outlined that the expansion would add multiple Prado parcels (identified in the presentation as parcels 17, 15, 13, 11 and related lots) to the district so bond proceeds can also fund water, sewer and roadway work needed for the plateau development north of Sunnybrook Road. He said the county approved the expansion June 1 (5–0) and the city approved it June 2; the board was being asked to confirm the expansion's conformity with the county comprehensive plan.
After brief discussion the board approved the expansion by voice vote.
The expansion moves the project forward to the engineering and planning phases so staff can proceed with implementing infrastructure work that Varner said is intended to support both the public conference center and privately financed hotel.
