City Commission to hear Parcels B and C development and financing plan | News

City Commission to hear Parcels B and C development and financing plan |  News

Mayor Layne Wilkerson has said the plan is for the city to issue bonds for $3 million and the other $5.5 million to come from a grant from the Federal Transit Administration. The garage would also serve as the city’s public transit hub. The proposal states the city would fund a state-mandated parking garage, which would have 300 spaces and is estimated to cost $8.5 million.

The city hasn’t received confirmation of the grant, but city Grants Manager Rebecca Hall has said she is optimistic the city will receive it. The developer would also construct the Washington Street extension and give it to the city as a public street.

In the proposal to be considered Monday night, the land for the parking garage would be conveyed to the city, and while the parking garage is being constructed, the developer would complete “sufficient plans for the private project elements” and have it approved by local and state agencies. The costs could be recovered through Tax Increment Financing (TIF), which pledges a portion of future property, sales and occupational tax revenues caused by development of property.

Plans call for Parcels B and C to include mixed-use residential and commercial buildings. Marty Johnson, a businessman from Hazard, bought Parcels B and C from the state for $1,000 on the condition that the parking garage be built by 2022 and the land otherwise be developed in accordance with the city’s Downtown Master Plan, which calls for mixed-use residential and commercial buildings on the property. The developer for the project is CRM Companies of Lexington.

The city’s obligation on the parking garage would be contingent on approval of the federal grant and the developer receiving a one-year extension, until 2023, of the deadline to have the parking garage constructed. The proposal says the developer and city would jointly determine the date for activation of TIF, and they anticipate activating it no later than four years after execution.

Source www.state-journal.com The garage would include a transit center and 5,000 square feet of administrative and public space.

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