The developer looking to bring The Mayfair Collection of shops to the Burleigh Triangle will get some extra time to submit its plans to the city.
The Common Council on Tuesday granted Chicago-based HSA Commercial a six-month extension because the analysis needed to justify creating a special-tax district in taking longer than anticipated, Paulette Enders, city economic development director, said.
'They want to be assured that the ability to tap into that TIF financing is in place' she said. 'They want to know that they'll be able to pull the increment out of it to pay down their debt.'
The proposal calls for a developer-funded tax incremental financing district. That means, if approved, HSA would front $8.7 million, then the taxes collected by all entities would stay with district for public improvements.
Enders expects the consulting firm hired by the city will submit a financial analysis draft next week. Staff will review and finalize the documents and bring them to the proper committees for consideration.
The preliminary plans received council approval in May. City zoning code states a final development plan must be submitted within six months of the preliminary plan approval. That's a short time for a project of this scope, Enders said.
The Burleigh Triangle, often listed as one of the city's redevelopment priorities, includes long-vacant warehouses along the east side of Highway 45 from West Burleigh Street to Currie Park. The first phase of the Mayfair Collection would convert 250,000-square-feet into upscale retail space.
HSA projects The Mayfair Collection phase of the project will add $900,000 in city tax revenue and generate as many as 500 part- and full-time jobs.