fbpx

|

Westwood action delayed on financing changes for Woodside Village project

Share this story:

A rendering showing the perspective from Rainbow looking to the east.
A rendering showing the perspective from Rainbow looking to the east.

The Westwood City Council is still waiting to hear the details and analysis on an expected new Tax Increment Financing plan for the Woodside Village development.

A public hearing on a new TIF project plan was closed during a council meeting last week, but will need to be started again when more financial details are available to the council.

The first phase of the project already is well along in its construction, but the later phases have had their costs escalate since the financing plan was put together, according to the developer.


The site plans for all phases of the construction have been approved, including modifications to the construction that will take place on the south side of 47th Place. The north phase – that under construction – is fully financed. Still to come are renovations to the health and tennis club and the new retail and residential development on the southside, which is not expected to start until 2017.

The redevelopment agreement that was approved in 2011 capped public financing at $22 million for the project. Any change in that amount requires council approval and the city’s financial consultants are reviewing materials now.

City Attorney Ryan Denk told the council last week that a new public hearing requires 30-day notice, but the hearing only serves its purpose if all of the financial recommendations have been worked through. That has not happened yet, he said.

Jayme Tebow, an unsuccessful candidate for city council in this month’s election, said she did not believe residents “are getting the information” they need. She also objected to the makeup of the city’s finance team that is dealing with the developer. The team includes outside consultants. The mayor and one council member also are part of the team.

Because of the notification limit, the financing cannot be considered at the regular May council meeting.

About the author

LATEST HEADLINES