Riverfront Development Update
Redline Development is proposing to redevelop property along the Straight River north of West Vine Street and west of North Oak Avenue. The proposed project includes 69 luxury apartments, the expansion of Mineral Springs Brewery, 20,000 square feet of commercial space and a new bank building.
To support this redevelopment project, the City Council approved the creation of TIF District 19 and TIF funding for $500,000 for the property the City is contributing. The TIF District can last up to 25 years. The total TIF amount is $7,065,451 for this project with a present-day value of $3,267,514. An interfund loan was also approved to authorize the contribution of the land for the project.
On March 21, the City Council approved development agreements for the project. The public hearings for zoning approvals including vacation of easements, street right-of-way and re-platting nine lots into two were held at the April 11 Planning Commission meeting. The City Council has given preliminary approval to these requests and is expected to give final approval in the next month.