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Aldermen approve waiver to let non–sales-tax firm locate inside 110 Smithville TIF
Summary
Smithville aldermen approved a letter waiving two redevelopment-agreement provisions to allow Eric Craig's real-estate team, a non–sales-tax business, to occupy space inside the 110 Smithville TIF. The council heard a public comment objecting to the change and was told developer reimbursement caps remain unchanged.
Smithville aldermen voted to approve a letter waiving two provisions of the 110 Smithville redevelopment agreement so a non–sales-tax business could move into the TIF redevelopment area.
Megan Miller, an attorney with Gilmore and Bell serving as the city's economic development counsel, told the board the redevelopment agreement contains two provisions restricting the sale/lease of retail space to non-sales-tax-generating businesses and the relocation of in-city businesses into the redevelopment area. She said the developer for 110 Smithville asked the city to waive those provisions so the Eric Craig real-estate team could occupy roughly 4,100 square feet of office space on the project’s first floor; she emphasized the maximum developer reimbursement under the agreement is unchanged and remains $1,100,000.
“They're still receiving that 1,100,000,” Miller said, describing the reimbursement cap and noting any increased tax projections would help retire the TIF sooner by contributing more to the special allocation fund. Miller also told the board the revised split is about 4,500 square feet for a restaurant and 4,100 square feet for office.
During public comment, Christie Bunch of 402 For the Terrace said petitioners opposing the TIF had been told there would be no major revisions and expressed concern about what she described on the agenda as a large change; she cited figures she had seen on the proposed changes and objected to allowing Eric Craig’s firm to move into the redevelopment area. “I think that's a big change,” Bunch said.
A motion to approve the letter was made and seconded, aldermen briefly discussed concerns about setting a precedent for relocations and waivers, and the board approved the motion by voice vote.
