By Jennifer Eisenbart
Editor
The City of Burlington Plan Commission unanimously approved moving forward with transferring money from one tax incremental finance district to another Tuesday night, paving the way to close both in 2018.
The city will transfer about $4.25 million from TIF District No. 3 to the environmental remediation TIF, which was created for the downtown hotel and parking structure.
That TIF is operating at a deficit due to the fact the planned retail building – the third part of the original project – has yet to be built, much less opened.
The parcel of land on which it should have been built remains vacant, and is currently a gravel-covered lot. Various plans – most recently for the Core II Group LLC to purchase the land and try developing it into possible apartments –have fallen by the wayside.
Without the transfer, it would be another 10 years before the TIF could close. Since TIF No. 3 is operating at what the city considers a considerable surplus, the plan would essentially even out both financing districts.
“It’s just enough to get the ER TIF closed out,” said David Wagner of Ehlers. He added that the amount could be adjusted up or down.
Even with the revenue sharing between the two TIFs, TIF 3 is projected to close in 2018 with about a $1.5 million surplus, according to Wagner.
“It also closes up the ER (TIF) at the same time,” Mayor Bob Miller said.
The Joint Review Board met before the Plan Commission to discuss the project Tuesday night. The City Council is set to take action at the Nov. 4 meeting, and the Joint Review Board will convene Nov. 11 for any further discussion.
Also at the meeting Tuesday night, the Plan Commission:
• Approved a site plan application for Mike Mansell for property at 148 Front Street. The land will be used as a commercial rental storage and/or office use.
• Approved the extension of the conditional use permit for Cretex Materials at 500 W. Market Street – the location of a gravel pit.
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