Planning & Economic Development
Tax Increment District #8
On September 27, 2005 the Common Council approved resolution 2005-39 which authorized proceeding with the creation of Tax Incremental District #8. TID No. 8 was created to facilitate the redevelopment of Northway Mall and adjacent property. On December 20, 2005 the Plan Commission set the public hearing date as January 17, 2006.
The project could be generally defined as being bounded on the South by Ives Street, on the East by Peach Avenue, on the West by North Central Avenue, and on the North by Upham Street, and included the parcels on which the existing Northway Mall, Copps grocery store, McDonalds® restaurant, and M & I Bank were or are located and adjacent public right-of-ways.
The Goldridge Group put together a cost estimate for sitework, utilities, demolition, property acquisition, and revitalization totaling $2,418,439. Additionally, the investment in four new buildings, two mall expansions and redevelopment on the property were estimated to be approximately $14,100,000 over the following five years. The timeline for the entire project started in the fourth quarter of 2005 and completed in 2010, refer to the timeline attached.
The Project also incorporate approximately $185,000 of public improvements by City in or adjacent to the Project Area, which public improvements facilitated traffic patterns, traffic flow, traffic safety, and pedestrian access to the Project.
This District was dissolved on July 26, 2011.