City board OK’s West Bank TIF request; restaurant, hotel planned
The city planning board voted during a Nov. 22 meeting to recommend approval of a request for tax increment financing funds for the next phase of West Bank Landing development.
The request next goes to the City Commission for final consideration.
Talcott Properties has been developing the West Bank area for years, including West Bank One and West Bank Landing.
The developer is requesting to use West Bank TIF District funds for the design and construction of water, sewer, storm mains, private utilities, environmental remediation, and a new approach to 3rd Street Northwest.
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The next phase of West Bank development includes three lots. Tenants have been identified for two of those lots, according to the application.
TIF funds and their eligible uses are determined by state law. Staff has reviewed the request with legal counsel and determined it to be eligible for the funds under state law and the West Bank Urban Renewal Plan.
The planning board will review the request first and make a recommendation on approval to the City Commission. If they approve, the applicant and building owners are required to enter into development agreements with the city.
Staff is recommending approval of the request.
The total request is for $972,373, according to Talcott’s application.
The current balance of the West Bank TIF District fund is $436,740, not including other obligations to the fund, according to city staff.
Talcott will be reimbursed with TIF funds based on completion of work and availability of funds, according to staff.
The city’s TIF application process set 12 specific criteria by which applications are judged and reviewed for eligibility.
A tax increment finance district identifies a specific area based on the need for stimulated economic development, and then establishes a base taxable value for all properties within that boundary. Property owners within a TIF district have their property taxes above this base valuation assigned to be used to finance public improvements in the designated area. Each TIF district is created to provide local funds for community development, redevelopment, and revitalization, and the public improvements funded by a TIF should increase property values and expand the tax base within the district.
The West Bank TIF District was established in 2007 to transition the area from industrial use to mixed-use redevelopment and address contamination cleanup and blighted conditions, according to staff.
According to Talcott’s TIF application, one lot of the next phase is for a proposed 108-room hotel and another lot is for a proposed second location of a national restaurant chain. The developer is in negotiations for the third lot, according to the application.
The site plan and applications to the city indicate a planned second Panda Express location in West Bank along 3rd Street Northwest.
The new hotel brand has not yet been named in city documents.