Guaranteeing future funding for restoration of Jefferson’s downtown district is the purpose of a public hearing slated for the Jefferson city council’s June 28 meeting. The public hearing on an amendment to the city’s urban renewal plan will begin at 5:30 pm.
The amendment describes the possible projects and caps in cost in order to allow tax increment finance (TIF) funding for the city’s match to the $500,000 Community Development Block Grant recently approved for the city.
The amendment lists two general projects: repairs and improvements to buildings acquired by the city in the downtown area; and financial incentives for persons who agree to purchase downtown buildings from the city and rehabilitate them and improve them.
The city owns 205 N. Wilson, with an estimated repair cost of $100,000; 111 E. Lincoln Way, with an estimated repair cost of $75,000 to $80,000; and 201 E. State St, with an estimated repair cost of $25,000.
The amendment caps at $150,000 the expenditure on each building and sets a maximum of $600,000 total per fiscal year. It also includes the use of TIF revenues not to exceed $250,000 in any one fiscal year as the CDBG match.
Construction will not begin on the CDBG project until 2017, but the city has already incurred costs on the three buildings it owns.
The urban renewal area named is bounded on the west by Elm St, on the north by Washington St, on the east by the Raccoon River Valley Trail, and on the south by Harrison St.
The public hearing was originally set for June 14. It was postponed because timely notice was not provided to other taxing entities with an interest in the TIF district.
