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Council approves redevelopment plan and TIF backing for ASC Lockers expansion
Summary
The West Point City Council read and moved to approve a redevelopment plan and related tax-increment financing for an ASC Lockers expansion east of its facility; staff described a roughly $3 million expansion, five new full-time positions and a $225,000 TIF note with about 8% interest.
The City of West Point moved forward on a redevelopment plan and tax-increment financing proposal for an ASC Lockers expansion on the east side of the facility.
City staff told the council the project is expected to be roughly $3 million and would create additional full-time jobs ("actually there's five," staff said). The city will provide a tax-increment financing (TIF) arrangement of $225,000; staff said the company will repay the increment and pay interest, which staff recalled was "right at 8%." The council read Resolution No. 2024-20 recommending approval of the redevelopment plan and related actions and members made and seconded a motion to approve.
Council members asked if there were questions; none were raised publicly before the motion was called and votes were cast. The council recessed after the redevelopment portion and then reconvened for the budget hearing.
The resolution and the TIF contract were presented to the council for passage; staff indicated the increment can be reused by ASC Lockers and that similar TIFs had been used on prior projects in the city.
The council's action authorizes the redevelopment plan and related financing documents and moves the project forward to implementation steps tied to the redevelopment contract and note issuance.
