Post on 22-Sep-2020
Public Hearing for the Union Station Phase 2
Project Plan (Tax Increment
Financing)
September 11, 2018
Union StationRedevelopment District
• Established in 2014
• Approximately 10 acres
• Historic renovation of former Union Station and related buildings
• Development to occur in 3 phases
2
Union StationTIF District
Phase 2 Project Area
Phase 2 Project
Phase 2 Project
Phase 2 Project
Phase 2 Project – Proposed Improvements
• Rehabilitation of existing buildings• Union Station Terminal• Express Building
• Additional 30,000 sf second floor
• Reconstructing existing parking and inclusion of sidewalk pavers
• New planters and landscaping
8
Use of Tax Increment Financing
Demolition and Earthwork $ 483,423
Site Improvements 1,584,076
Site Electric, Ductwork and General Expenses 240,862
Soft Costs 646,164
$2,954,734
Developer Commitments
• Pay-as-you-go TIF financing
• Provide parking easement for free evening and weekend parking
• Commence construction no later than one month from execution of the agreement
• Substantial completion of Phase 2 Project no later than December 31, 2020
City Commitment
• Acquisition of a 10-year parking easement for 283 spaces for $200,000
• Payment of $650,000 for Mead Corridor utilities• Pay-as-you-go TIF reimbursement for eligible
expenses of $2,954,734
Recommended Action• It is recommended that the City Council close the public hearing, approve first reading of the ordinance adopting the Union Station Project Area 2 Project Plan and authorize the necessary signatures.
Office of Economic Development
Public Hearing for the Union Station Phase 2
Project Plan (Tax Increment Financing)