The success of Columbia's Admiral Parkway Redevelopment Area has been demonstrated in the construction of a bank branch, a pharmacy and the city’s first hotel over the past few years in the redevelopment area without continued provision of tax increment financing incentives. While the pace of new investment has slowed during the recession, the area will remain attractive to future investment as elements of the redevelopment plan continue to be completed.
Since the 33.8-acre parcel retained along Carr Creek for future development as a park remains almost totally undeveloped at this point, and since the parcel’s location almost wholly within the 100-year flood plain of both Carr and Wilson creeks presents some special challenges, the City decided to undertake a master planning process before making any additional improvements on this site. Since future development of the park property will help further the redevelopment plan, TIF funds are being used to underwrite part of the costs of planning, with the remainder coming from the school district.
City staff have also continued analysis of drainage and other hydrological processes in the redevelopment area. Engineering assessment of the Valmeyer Rd. bridge deck, calling for replacement of this aging infrastructure, is being reviewed by Columbia’s City Engineer. A hydrological study of the Wilson & Carr Creek basins came in with a higher than expected price tag and will have to be completed during the next fiscal year.
Under Illinois regulations, the TIF district has seven years remaining. This year, two businesses received their final reimbursements and three more agreements will likely to be satisfied in the coming year. Looking ahead, members of the Joint Review Board (JRB), made up of one representative from each taxing authority affected by the district along with at least one member of the general public, are being asked to approve the following actions:
1. Complete review of Valmeyer Rd. bridge analysis;
2. Pursue state grant for drainage basin hydrologic analysis;
3. Defer decision on bridge replacement until completion of drainage basin hydrologic analysis;
4. Complete Admiral Weinel Blvd. bridge overlay;
5. Prepare 2013-2019 cash flow & expenditure proposal for JRB review.
Since the 33.8-acre parcel retained along Carr Creek for future development as a park remains almost totally undeveloped at this point, and since the parcel’s location almost wholly within the 100-year flood plain of both Carr and Wilson creeks presents some special challenges, the City decided to undertake a master planning process before making any additional improvements on this site. Since future development of the park property will help further the redevelopment plan, TIF funds are being used to underwrite part of the costs of planning, with the remainder coming from the school district.
City staff have also continued analysis of drainage and other hydrological processes in the redevelopment area. Engineering assessment of the Valmeyer Rd. bridge deck, calling for replacement of this aging infrastructure, is being reviewed by Columbia’s City Engineer. A hydrological study of the Wilson & Carr Creek basins came in with a higher than expected price tag and will have to be completed during the next fiscal year.
Under Illinois regulations, the TIF district has seven years remaining. This year, two businesses received their final reimbursements and three more agreements will likely to be satisfied in the coming year. Looking ahead, members of the Joint Review Board (JRB), made up of one representative from each taxing authority affected by the district along with at least one member of the general public, are being asked to approve the following actions:
1. Complete review of Valmeyer Rd. bridge analysis;
2. Pursue state grant for drainage basin hydrologic analysis;
3. Defer decision on bridge replacement until completion of drainage basin hydrologic analysis;
4. Complete Admiral Weinel Blvd. bridge overlay;
5. Prepare 2013-2019 cash flow & expenditure proposal for JRB review.
No comments:
Post a Comment