Olney council approves inducement resolution to designate developer for 701 Southwest redevelopment

The Olney City Council on Oct. 27 approved an inducement resolution designating a developer for redevelopment of property at 701 Southwest and declaring the city's intent to seek reimbursement of certain redevelopment project costs through a tax-increment financing process.

The chair emphasized that the measure is only an inducement to “get the clock started,” not a promise of funding. “Now, and just to make clear that this is just an inducement resolution, it simply gets the clock started. We will not be making any concrete plans tonight or pledging any money,” the chair said.

Presenters representing the developer described plans to convert the existing building into climate-controlled self-storage with 24/7 access, upgraded HVAC and electrical systems, interior reconfiguration and a new security system. “Real quick, just kind of what we're doing is we're gonna be converting that building a new climate control climate controlled self storage,” a developer said during the presentation.

Council questions focused on scope and uses; the developers confirmed internal upgrades and said boat storage could be a future addition but is not part of the current plan. After a motion and second, the council approved the inducement resolution by voice vote.

The vote authorizes the city to proceed with the next steps of the TIF designation process; it does not appropriate money or finalize redevelopment agreements. The council did not set final financial terms during the meeting; developers and city staff will continue negotiations and return with details if and when further formal actions are proposed.