Turns Out, 1400 Main Street Won't Be on the Council's Agenda Tomorrow
Foster will be eligible for $475,000 in TIF reimbursements after he completes the redo, which is supposed to be finished in April 2009: He'd get $275,000 in April 2010, then the rest a year after that. But there are several completed projects ahead of Foster's that will need to get their money first -- there is a line, and Foster's at the very back of it. And Zavitkovsky says the 1400 Main Street vote has been put off till the first council meeting in January because of nothing more than "a technicality" related to reimbursements.
As for those Friends who've e-mailed me wondering how the city can reimburse Foster out of a TIF depleted by the Mercantile project, this note: The Forest City project gets its TIF money from the Downtown Connection TIF District, not the City Center TIF, which includes all of these projects. Zavitkovsky says he expects the 1400 Main Street project to go before the council when it returns from its holiday break next month. --Robert Wilonsky