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Committee approves transfer of TID 11 funds to RDA to revisit public market predevelopment
Summary
Directors recommended using available TID 11 increment to fund predevelopment work with the Redevelopment Authority for a downtown public market feasibility update; the committee voted unanimously to allocate funds to the RDA to pursue studies and RFP work.
City planning staff reviewed prior public-market feasibility work (2017–2019), described renewed interest and the RDA’s request to steward predevelopment work, and said a transfer of TID 11 funds to the Redevelopment Authority is an eligible urban-renewal use prior to the TID’s October encumbrance deadline. Staff emphasized the city would not operate or own a market; a separate non-city entity (for example, a business-improvement-district-style or other organization) would likely run and maintain the market if it moved forward.
Councilmembers asked about opportunity cost for downtown maintenance and the amount available in TID 11; staff said that encumbrance must occur by Oct. 12 and that funds currently projected in TID 11 are limited with approximately $641,000 available and about $45,000 potentially remaining after some transfers. Councilmember Calo urged caution, noting downtown infrastructure needs and maintenance backlog, but the committee voted unanimously to allocate TID 11 funds to the RDA for public-market predevelopment work.
