The third TIF Commission meeting is scheduled for Thursday, May 27, 2021 (view agenda here). The primary purpose of that meeting will be to review Dierbergs’ Redevelopment Plan for the commercial portion of the site.
Dierbergs delivered two documents to the city and to the TIF Commission members. Those documents have been posted to the city’s website (click the links below to view):
If you are looking for site plans or artist renderings of the new development, you will need to wait a while longer – that’s not what this is.
The TIF Redevelopment Plan document is basically a narrative description that describes the purpose and need for Tax Increment Financing (TIF) and makes their case as to why it should apply to this site.
The Cost/Benefit Analysis document provides lots (and lots) of numbers showing the math of how tax dollars will be generated, and to where they will go.
The bottom line is that Dierbergs is asking for a $13.5M TIF and $3.5M CID (Community Improvement District) - $17M total incentives. If the TIF is approved, 50% of all new sales taxes generated by the site will be used to reimburse the developer until the full TIF amount is repaid. The CID terms have not been provided (and would need approval separately from the TIF), but typically an additional 1% sales tax would apply to new sales at this site which will be used to reimburse the developer until the CID is repaid.
The public will have the opportunity to weigh in on all of this a the Public Hearing scheduled for June 17, 2021. It’s not clear yet if that will be an “in person” or Zoom meeting.
It’s also worth noting that there are still many “pre-construction” processes that need to occur and it will still be quite a while before any sitework begins – probably not until next year some time.