The project was initially supposed to be three phases of specific redevelopment improvements with completion dates. Instead, the project included renovating existing buildings.
The Fifth Avenue Live project includes several buildings on Fifth Avenue. The agreement includes redevelopment of the block where Chipotle and
The initial agreement outlined three phases of the project, each including a four- or five-story building with commercial development, market rate apartments and parking. The second and third phases could not be done without building a parking garage, according to the agreement.
Since the project did not meet the requirements outlined in the agreement, the EDA board will consider ending the TIF agreement.
TIF allows a developer to capture, for a set time, the increased tax revenue generated by the climbing market value of a redeveloped property. The money is meant to offset redevelopment costs.
According to city documents, city staff may consider other ways to assist the developer to complete redevelopment improvements in the area. That would require a new TIF agreement.
The EDA board meets at
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