The Knights of Columbus Hall, which closed on December 31 of last year, may be the site of a potential new development.
At its October 22 meeting, Common Council approved an agreement for the creation of a new TIF district at the corner of Upham and Fig. On November 13, the Council approved a Budget Resolution to transfer $15,000 in funds from the permanent employee straight time budget to create the district, which includes the KC Hall building, parking lot, and grounds. The motion carried 9-0.
The TIF district will be created with the help of company Redevelopment Resources using closer to $14,000 of the funds with leeway for additional expense. Details surrounding the proposal for a project cannot yet be released publicly, but any development would bring tax revenue to the City. In additional benefits, the City may be able to charge some of the cost of road work within half a mile of the site to that TIF district. Formerly, the KC Hall was tax-exempt.
Having tax revenue would allow the City to determine how much financial assistance it could lend to a potential developer based on returns.
