Council approves amendment allowing TID 11 increment to support two redevelopment sites
Council approved a plan amendment to allow Tax Increment District (TID) 11 increment to be allocated to TIDs 19 and 20 to fund infrastructure at the former Kmart and Bridgeview Plaza sites; staff estimated placeholder amounts roughly $1 million and $1–1.5 million.
The full story
The council voted to amend the TID 11 project plan so increment generated by TID 11 can be made available to TIDs 19 and 20 to fund infrastructure needed for redevelopment at the former Kmart and former Bridgeview Plaza sites. Planning staff said TID 11 is nearing the end of its expenditure period but will continue to generate increment for several years, and this amendment would let the city reallocate that increment to support infrastructure for two projects that currently lack sufficient increment on their own.
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