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Monday
Aug202012

Renaissance TIF Details

Here are the details I've gotten from the Agenda from Tuesday's City Council Meeting. Analysis to come.

  No its not THIS bad  Here are the details I've gotten from the Agenda from Tuesday's City Council Meeting. Analysis to come.

The Renaissance TIF is going to absorb 75% of the increase in property taxes above 2011 assessed values

Breakdown

20 million for Bull Street Redevelopment (Ballpark not included)

2 million to redo Allen Benedict Court and Gonzalez Gardens

12.5 million for North Main Streetscaping

1 million for Two Notch Streetscaping

3 million for a retail area on Farrow Road

1.5 million for Historic District Connectors

 

 

Street/Pedestrian Improvements

1. Improvement to or replacement of existing streets, including extensions, realignments, relocations, resurfacing of or changes to pavement or lane widths and intersection improvements. Construction, reconstruction, addition, improvement, expansion, relocation, renovation, upfitting, or formalization of new streets and rights of way; existing streets and rights of ways; rail crossings; bridges and pedestrian overpasses; traffic or pedestrian squares, promenades, paths, or crossings; signalization; off-street or on-street parking; sidewalks; and/or curbs, gutters and storm drainage.

2. Landscaping, lighting, signage, and related infrastructure.

3. An improved vehicular connection and relocation of streets as needed.

4. Entry/gateway features including landscaping, lighting, signage and other improvements at entry points.

5. Replacement of asphalt and concrete.

6. Pedestrian improvements (including street furnishings, landscaping and tree plantings, signage and lighting).

 

Utility System Improvements

1. Improvements (including distribution, treatment, transmission and realignment) to public water, sewer, electric, storm water and communication systems

2. Acquisition of utility easements, rights-of-way or other property rights associated with the provision of new and improved utility services or removal of obsolete systems

3. Installation, relocation, reconstruction, renovation, or removal of overhead utility lines and/or replacement with new below ground systems; installation, relocation, reconstruction, renovation, or removal of gas lines.

4. Construction or improvements to administration spaces relating to utility systems

5. Public safety Shot-spotter gunshot location plat

6. Tactical wireless video/audio surveillance system

7. Broad band wireless (Wi-Fi and Wi-Max)

Recreational or Public Spaces

1. Construction, reconstruction, addition, improvement, expansion, relocation, renovation, upfitting, or equipping of public parks and/or recreational spaces.

Related Expenses and Financing Costs

1. Land acquisition; land assembly; and acquisition of easements and rights-of-way.

2. Demolition and disposal of existing components or improvements; soil replacement/removal

3. Surveys and appraisals related to all projects

4. Historic preservation surveys, nominations and design

5. Planning, design, engineering, architectural and other professional services related to all projects

6. Environmental studies and abatement for all projects

7. Legal services for all projects

8. Marketing, advertising and related costs for all projects

9. Financing costs, including fees and costs associated with bond issuance or re-issuances, reporting and ongoing management of bond funds

10. Construction period interest/accrued interest

11. Debt service reserves

12. Issuance costs

13. Costs arising in connection with activities of oversight committee.

14. Associated long-term maintenance expenses.*

Total Expected Qualifying TIF Costs: $40,000,000

_____________________________

* Does not count against $40,000,000 limit to be funded from Tax Increment Bonds, Interim Bonds or incremental tax revenues.

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