The current estimates for the project are $2.4 million. The proposed TIF will provide funding to design and construct the new roadway, which would provide improved access and a signal. It would intersect at Chamberlain Drive and move in a south and western/westerly arc, intersecting at a Habitat Boulevard traffic signal.
The TIF is what is referred to as a 75-10 TIF, Fine said.
“The revenue generated by a TIF is actually generated by the developer as they put improvements into the property,” Fine told city council. “In this case, they’re taking a basic vacant piece of land, building 141 apartment units on there. The value created by that, we would capture 75% of that for revenue into the TIF for a period of 10 years.
“That would be the maximum we think the TIF will generate enough revenue to cover the public improvements,” he said. “We would then dissolve that TIF as soon as those improvements are made and paid for.”
City council voted Tuesday during its regularly scheduled meeting to approve creation of the TIF.