The City is pursing creation of a redevelopment tax incremental financing district for an area on TR’s east side.
Proposed Tax Incremental District (TID) No. 11 has a total area of about 43 acres. It includes the vacant former St. Peter the Fisherman School, Vietnam Veterans Park, properties along 35th Place, and underdeveloped or vacant properties along the west side of Lincoln Avenue (STH 42), from the Vinton Construction south to 33rd Street.
The district is intended to provide incentives for redevelopment of the vacant school, a well-built, 46,000 SF facility that needs to be repurposed—ideally for some use that creates jobs and tax base. That property is currently tax exempt, so the TID would capture any new taxes associated with private redevelopment and the property going onto the tax rolls.
Similarly, the TID might incentivize private investment in properties along Lincoln Avenue that are currently in need of redevelopment. The prospects for redevelopment of this area should also be boosted by the upcoming rebuild of Lincoln Avenue/STH 42, planned for 2017.
The proposed TID plan also identifies the need for infrastructure improvements on 35th place, an area currently served by gravel streets. It also addresses a possible extension of 35th Street from Lincoln to Jackson, and improvements to Vietnam Veterans Park.
The Plan Commission will hold a public hearing on TID 11 at 6:00 PM on Monday, August 8, 2016, in the Council Chambers at City Hall.
To view the draft project plan for TID 11, Click Here