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The City Commission unanimously approved the 401 W. Washington Street Brownfield Plan and resolution, including a 20-year tax-increment financing capture for the project. The plan is intended to support additional housing at reduced rent levels, with the captured revenue remaining within the Downtown Development Authority boundaries rather than affecting the city general fund.
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The approval allows increased property-tax revenue from the 401 W. Washington Street development to reimburse eligible project costs, including brownfield-related work. Commissioners said the project would add housing at reduced rents, while one commissioner questioned whether the 20-year capture period was too long. The commission also approved routine agreements, ordinances, funding, infrastructure items, and a staff professional-development academy.
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