Economic Development Resources (EDR) GIS project manager Julian Jacquin presented to the council an overview of the proposed North 45 TIF area.
The council began the creation of the North 45 TIF in September. In the time since, EDR has been researching the area’s eligibility for the TIF designation. The North 45 TIF district covers roughly 17 acres divided among four parcels — the seven acres of the property at 1841 E. Fifth St. and the 10 acres surrounding it.
Jacquin noted that while the area qualifies for the TIF designation, there is one hiccup. Eligibility requires the entire area under consideration be within the city limits; the 10 acres is not. That area will have to be annexed before the TIF is finalized. City attorney Rick Abell informed the council that the property’s owner has discussed annexation with the city.
In September, Abell noted this area has the potential to generate $70,000 to $80,000 in possible tax revenue with the proposed development of the ambulatory surgery treatment center on the property. He emphasized Monday that the taxes generated during the 23 years of the TIF designation will aid greatly in developing the area.
In addition, Jacquin informed the council that the TIF and Business District Plan for the area designated as Interstate North and the North 45 TIF have both been put on the same master schedule, allowing EDR to work on both at the same time, which will save the city time and money.
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