Redevelopment Commission
City Council has begun the process of "leveraging" the current investment of $45 million dollars (Municipal Complex and Road Project) into action by considering the extension of TIF II and a new TIF, TIF III or the Boundary Street TIF. What a TIF III will leverage is the $.01 Sales Tax and the Bonding for the municipal complex.
They will be meeting on Tuesday night for the first reading of this very important redevelopment project. Public comment is always welcome and after the first reading, it is recommended that Council hold a worksession with Bond Counsel and Financial staff to review the matter more fully. This worksession, i have recommended for October 20th. The second public hearing, will be December 8th, if council approves the matter on first reading.
The TIF Financing Structure is part of the recommended financing stratagies found in the Boundary Street Redevelopment Plan ( attached to this report) and is an important part of the City's continued efforts to both invest in the future by realigning city finances to match the intended purspose of revenue streams.
The Comp Plan for the City of Beaufort charts our growth forward. It is important to remember that we are regenerating, redeveloping, in order to create a more sustainable place we call home. In Chapter 5 of the City Comp Plan, entitled "A Framework for Growth," it is noted that we must do the following:
This Chapter sets forth a land-use vision that assumes that growth should be sustainable. In doing so, the framework plan is structured to suggest patterns of growth that are constructed in a manner consistent with our existing, historic fabric with a well-connected street network, diverse housing, access to nature, mixed-use activity centers, and a highly walkable urban block structure.
And, this plan also assumes that while the basic structure of the older parts of the city are fundamentally sound, it recognizes that in order to prepare for a more compact and sustainable future, new development must be higher in density than at present. In essence, the next century for Beaufort will be a period during which it must mature into a moderately dense, urban city to effectively and efficiently provide services and attract needed investment.
The Boundary Street Master Plan serves to model this growth forward.
Boundary Street Redevelopment Plan
Ordinance - Redevelopment-Boundary Street
New Tax Increment Financing (TIF) District