US 75 improvements needed to facilitate shopping center updates, officials say
A Tax Increment Finance district may be the best way to finance infrastructure improvements needed to accommodate planned upgrades at Eastland Shopping Center, Community Development Director Lisa Beeman told the City Council Monday evening.
According to Beeman, Eastland Shopping Center owner Dan Wells plans to make several updates to the center, and improvements are needed on U.S. Highway 75 to accommodate an influx of anticipated traffic in the area. Beeman said at least one — and possibly two — right turn lanes will be needed for northbound traffic on U.S. 75, and improvements costing roughly $400,000 are needed for the traffic control signal on U.S. 75 and the shopping center’s west entrance.
The creation of a TIF district would allow taxes generated by the development to be captured and used to repay costs associated with the improvements, Beeman said.
The council voted 5-0 to approve a resolution that will allow the Tax Increment District Review Committee to review the proposed creation of the district and make recommendations to the council. The matter will be further considered by the council based on those recommendations, and two public hearings are required before a TIF district can be implemented, Beeman said.
The review is expected to take 45-60 days. If ultimately approved by the council, the financing process would take another 30 to 45 days, according to Administrative Services/CFO Mike Bailey.