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Planning commission approves order to create four TIF allocation areas, extending capture for development projects
Summary
The commission approved a plan commission order backing a declaratory resolution that creates four project-specific TIF allocation areas (Stone City, a 'Waw Wa' project, Limestone Edge and an expansion called Cardinal Crossing), each with a 25-year lifespan; staff projected incremental assessed-value and annual TIF capture ranges for each project.
The Bedford Planning Commission voted to approve a plan commission order supporting a declaratory resolution and an amended economic development plan to create four project-specific tax increment financing (TIF) allocation areas within the city’s consolidated TIF district.
Andy Mouser, identified in the meeting as the financial adviser to the city and the redevelopment commission, told commissioners this action is step two of a four-step process that begins with the redevelopment commission and ends with a confirmatory resolution after city council review. He said the declaratory resolution would create four allocation areas: the Stone City allocation area (including a proposed fast-food development), a project transcribed as "Waw Wa," Limestone Edge (a rental residential project of roughly 28,000 square feet) and an expansion labeled Cardinal Crossing (rental residential on the Norris property on 39th Street). Each allocation area would have its own 25-year lifespan from the date of establishment.
Mouser gave rough assessed-value and TIF-capture estimates: he said Stone City might add about $1 million in assessed value with $20,000–$30,000 in annual incremental TIF; the Waw Wa project was estimated in the range of $1 million to $1.5 million with $30,000–$40,000 annually; Limestone Edge was described as roughly $2–$2.5 million in assessed value with a potential $50,000–$60,000 in annual TIF; and Cardinal Crossing was estimated at $3–$3.5 million with another $80,000–$90,000 annually. Mouser said three of the project areas are currently inside the consolidated TIF area and that resetting them would extend capture beyond their current expiration dates (noted in the meeting as 2036 and 2039 for existing areas).
Mayor Sam addressed the commission and urged passage, saying TIF funds have been used for projects such as Spider Creek and could be critical to future capital projects including a street department garage and a possible new fire station. Commissioners asked procedural questions about whether the plan commission action requires a numbered resolution; staff clarified the commission’s action is a plan commission order and that the item will move on to city council and back to the redevelopment commission for final confirmatory action.
A commissioner moved to pass the plan commission order; after a second, the commission voted in favor. Chair and commissioners expressed appreciation for the anticipated economic benefits and the flexibility the change would provide for the redevelopment commission.
