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AGENDA RECOMMENDATION |
Consent Calendar 5.H.
City Council Regular Meeting
- Meeting Date:
- 02/24/2025
Agenda Item:
Set April 14, 2025, as the date of public hearing for establishment of Development District No. 48 and Tax Increment District No. 48-1 (830 North Broad Street).
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
MAH BKS, LLC is proposing to redevelop the property located at 824-830 North Broad Street. The proposal is to demolish the existing substandard building on the site and to construct a two-story commercial building comprising of 6,784 square feet. The estimated total project cost is $2,346,220 and construction is anticipated to occur in 2025 and 2026. It is anticipated there will be 25 full-time equivalent jobs created for the new commercial building.
On February 10, 2025, the Economic Development Authority (EDA) reviewed the request for tax increment financing (TIF) for a redevelopment district and adopted a motion directing staff to prepare materials for a public hearing on April 14, 2025, regarding the establishment of Development District No. 48 and Tax Increment Financing District No. 48-1 and approval of a development agreement. Additional background information regarding the request can be found in the agenda item presented to the EDA on February 10, 2025.
The requested action is adoption of the attached resolution setting April 14, 2025, as the date of public hearing for the establishment of Development District No. 48 and TIF District No. 48-1. The draft TIF plan will be distributed to the taxing jurisdictions by March 14, 2025. The Planning Commission will review the development district on March 26, 2025. At the February 10, 2025, EDA meeting there was discussion on whether the project would proceed with a 15-year term or if up to 20 years would be needed. After additional review and discussion with the Developer, a 15-year term is being requested.
The TIF plan will generally consist of the information contained in the February 10, EDA memorandum and the Financial Review from Baker Tilly and will be for a term of 15 years.
On February 10, 2025, the Economic Development Authority (EDA) reviewed the request for tax increment financing (TIF) for a redevelopment district and adopted a motion directing staff to prepare materials for a public hearing on April 14, 2025, regarding the establishment of Development District No. 48 and Tax Increment Financing District No. 48-1 and approval of a development agreement. Additional background information regarding the request can be found in the agenda item presented to the EDA on February 10, 2025.
The requested action is adoption of the attached resolution setting April 14, 2025, as the date of public hearing for the establishment of Development District No. 48 and TIF District No. 48-1. The draft TIF plan will be distributed to the taxing jurisdictions by March 14, 2025. The Planning Commission will review the development district on March 26, 2025. At the February 10, 2025, EDA meeting there was discussion on whether the project would proceed with a 15-year term or if up to 20 years would be needed. After additional review and discussion with the Developer, a 15-year term is being requested.
The TIF plan will generally consist of the information contained in the February 10, EDA memorandum and the Financial Review from Baker Tilly and will be for a term of 15 years.