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Staff reports TIF payment, Bell Building access appeal and apartment timelines
Summary
Staff said a recent tax-increment payment of about $62,000 enabled the first lender payment on the Hitching Post parcel. The Bell Building developer is revising an access proposal after DOT denied an access permit; staff also gave anticipated occupancy timings for West End Flats and another apartment project later this year.
Staff updated the board on several ongoing projects under the urban renewal program. The Bell Building developer has taken an access-permit issue to the DOT appeals board and plans to revert to an earlier concept with more residential units and storefronts; staff said the project remains within the approved plan-and-project scope and will complete a TIF application if needed.
Staff reported receipt of an increment payment tied to current plan-and-project areas that allowed the authority to make its first payment to a lender on the Hitching Post parcel. "That dollar amount was approximately $62,000," staff said. Staff also said the West End Flats project is now expected to open in August–September of the year and noted the other apartment project near O'Neil and 19th is tracking toward a similar timeframe.
