Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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It's a rendering to show elevations, not the colors and texture.
The following is on the agenda for the TIF Commission's meeting tomorrow. I don't see any indication of the what the project might be, but I am guessing it is the Hotel Bravo. Or, is there another project in the works in the Performing Arts District TIF area?
Proposed Performing Arts District TIF Plan: Consideration of approval of a Funding
Agreement between the TIF Commission and Greenwood Management, LLC, in
connection with the implementation of the proposed Performing Arts District TIF Plan,
and other matters related thereto. (Wesley Fields) Exhibit 17
The TIF Commission received an application from Greenwood Management, LLC
(“Greenwood”) for a proposed Performing Arts District TIF Plan.
Greenwood has requested that the TIF Commission (1) prepare all necessary documents,
provide all statutory public notices and participate in a public meeting to consider the
proposed Performing Arts District TIF Plan (the “TIF Plan”) and take all action the TIF
Commission deems necessary to administer and assist in implementing the TIF Plan,
(2) prepare and negotiate a funding agreement, a redevelopment agreement and any and all
agreements, instruments and certificates and take all action that may be necessary or
reasonable to administer the implementation of the TIF Plan, including, but not limited to, the
performance of its obligations under the funding agreement and the redevelopment
agreement, and (3) reimburse Greenwood for all eligible certified redevelopment project costs
incurred by Greenwood, permitted by Real Property Tax Increment Allocation Act and
identified by the TIF Plan (collectively, the TIF Commission Services”). In order to do so,
the TIF Commission must retain administrative and professional staff, outside counsel and
consultants and incur expenses, but the TIF Commission is without a source of funds to pay
such staff, counsel, consultants and expenses.
Greenwood has requested that the TIF Commission enter into a Funding Agreement, which
describes the manner in which costs associated with the TIF Commission’s Services shall be
paid by Greenwood.
Enclosed in the TIF Commission’s Packet, as Exhibit 17 is a Funding Agreement by and
between the TIF Commission and Greenwood. The Funding Agreement contains the TIF
Commission’s most recent policies and procedures and has been reviewed and negotiated by
staff and legal counsel and we recommend its approval.
Action recommended: APPROVAL OF A FUNDING AGREEMENT BETWEEN THE TIF
COMMISSION AND GREENWOOD MANAGEMENT, LLC IN
CONNECTION WITH THE PROPOSED PERFORMING ARTS DISTRICT
TIF PLAN, IN A FORM SUBSTANTIALLY SIMILAR TO EXHIBIT 17
ATTACHED TO THE COMMISSION BOARD PACKET, SUBJECT TO
MODIFICATIONS APPROVED B Y THE CHAIR, EXECUTIVE DIRECTOR
AND LEGAL COUNSEL.