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Planning staff: Estes preconstruction set; village proposes 10-year, 75% TIF for Yellow Freight site
Summary
Planning & Zoning Director Frantz reported a preconstruction meeting for improvements to the former Yellow Freight property and proposed a 10-year Tax Increment Financing (TIF) at 75% to capture the value of the investment; Frantz said the 10- and 30-year TIF scenarios returned similar total values.
Planning & Zoning Director Frantz told council on July 7 that Estes held a preconstruction meeting for improvements to the former Yellow Freight property on Richfield's north end and that the village is proposing a 10-year Tax Increment Financing arrangement at 75% to capture the value of those improvements.
Frantz said the village favors a 10-year, 75% TIF because "the total value between the 10 and 30-year TIF is not significantly different." He also summarized related planning work, including PZC continuing discussion on historic-district façade requirements and proposed residential zoning updates and landscaping/buffering standards intended to protect residences abutting non-residential uses.
