Newberry TIF request considered at City Commission May 4
During their May 4 meeting, City Commissioners will consider a request for tax increment financing funds for the The Newberry, at 420 Central Ave., which is currently under construction and the owners plan to open in September with their first concerts in October.
The developers, STSA Partners, have requested $171,200 of tax increment financing funds from the city for the renovation projects to offset costs for curb and sidewalk repair, fire suppression installation, structural repair, roof repair and ADA compliance.
City staff is recommending that City Commissioners approve up to $9,100 specifically for reconstruction of the sidewalk, curb and construction of temporary sidewalk.
The Downtown Development Partnership is the reviewing body for requests to the downtown TIF and during their March 24 meeting, they voted to recommend that the City Commission approve the entire request.
The partners are renovating space on Central for an event center with plans to host more than 90 events and bring more than 60,000 people to downtown annually.
The partners were previously awarded a tax abatement for the project to offset some of the renovation costs.
Under the city’s current TIF program, staff contends that TIF funds are allowable for use for some aspects of the Newberry project. The city is currently drafting new TIF programs that would expand the eligible uses of TIF funds. Those programs won’t likely be in place for several more months.
For the request going before commissioners on May 4, staff has reviewed the application using the commission’s approved criteria for those funds in relation to the Downtown Urban Renewal Plan and with guidance from the city’s outside TIF counsel.