Council Considering Three TIF Projects
The Rochester City Council is scheduled to vote Monday on three proposed redevelopment projects, all involving tax increment financing or TIF districts.
The largest is the Broadway at Center project that is being put together by the Chafoulias family. Staff recommends the approval of a new TIF district for the project. It’s estimated the new district would generate nearly $12 million in TIF funds, most of which would be used to pay for a skyway and new city parking ramp to serve the project. The city is expected to act on a preliminary development agreement for the project in the near future.
The other two projects involve old motels, one in the downtown and the other near St. Mary’s. The properties are the University Village Inn located along 5th street southwest between 1st and 2nd avenues and the former Raymar Motel located on 2nd street southwest, one block west of St Mary’s. The owners are proposing mixed use projects for the sites and are seeking the establishment of TIF districts to help cover development costs. For now, the Council is being asked to allow demolition of the buildings. A decision on the TIF requests will come later.
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