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Read the article at The Electric by Jenn Rowell
Excerpt:
“As of Oct. 18, there are $5,131,586 of downtown TIF funds obligated to debt service and projects, according to city staff.
That leaves $4,482,000 of available downtown TIF funds, pending the December tax payments, staff told commissioners.
Brock Cherry, city planning director, said staff is estimating $1.6 million of available downtown TIF funds for 2024.
He said that the city may need to be more selective for awhile with less funds available next year, but that will be a future commission discussion.
Cherry told commissioners that the program is working since the money is moving to help downtown development through public infrastructure improvements and private development.
“The program is operating the way it should and those dollars are moving and are providing real value to the community,” Cherry told commissioners.
Completed downtown projects that were awarded TIF funds include:
- The Wild Hare, 518 Central Ave., $38,157 of TIF funds
- Sip ‘n Dip, 17 7th St. S., $50,000
- Roe River Realty, 618 Central Ave., $19,370
- City Bar, 705 Central Ave., $50,924
- Columbia Grain, 120 1st Ave. N., $49,999
Projects in progress that have been awarded downtown TIF funds include:
- Arvon Block, alley storm drain, $90,000
- 7th Street streetscape, between Central Avenue and 1st Avenue South, $243,000
- ADA ramps on Central, $31,052
- BID alley mural lighting, $150,000
- downtown storm drains, $2.5 million over five years
- KellerGeist, 111 Central Ave., $263,500
- Mountain Wave Distillery, 313-315 Central Ave., $68,650
- 400 block storm drain alley, $18,000
- economic vitality transformation strategy, $10,000
- Business Improvement District boulevard trees, $125 over five years
- Civic Center repairs, $5.9 million, nearing completion
- Baatz Building, 400 2nd Ave. S., $130,000
