Jasper Redevelopment Commission: Cabinet tax district discussed and resolution passed

The Jasper Redevelopment Commission approved a declaratory resolution to create a tax increment finance district encompassing the Jasper Cabinet property called the Jasper Riverfront TIF.

In August, the redevelopment commission announced a private developer was interested in the Jasper Cabinet property and had entered into a purchase agreement with the owner, Jerry Fuhs. However, before moving forward with the planned multi-use development, the unnamed developer requested the commission segregated a tax increment finance district from the large district created in March of this year. Story here.

Ed Curtin, owner of CWC Latitudes, representing the developer, told the commission the his client would not proceed without the separate tax increment finance district being created. Reasons he gave included; protecting the increased tax revenue from potential property tax losses across the larger district; since TIF districts have statutory time limits, the separate district would begin collecting the incremental increases in property taxes and not affect the rest of the larger district; and the tax increment collected would remain in this specific district rather than being diluted with any increment collected through the larger district.

The proposed Jasper Riverfront TIF encompasses the Jasper Train Depot and German American Boulevard as well as the properties in the flood zone in the area known as Frogtown. TIF can only be collected on commercial developments, but the district encompasses nearby city- and privately-owned properties to allow for future developments to support the Jasper Cabinet project.

The developer will not reveal details of the project until the Jasper Common Council meeting in October. Between now and then, the Jasper Planning Commission has to review it to see if it complies with the city’s comprehensive plan and then it will be sent on to the council for approval.

The commission also took the following actions:

-The commission received proposals from eight firms for the Downtown Square Revitalization project.

According to Renee Kabrick, the city has had meetings with several interested companies and received eight responses for the request for proposal sent out last month. A Downtown Revitalization Committee will review the proposals to determine which ones will be recommended for consideration by the end of September.

Interviews of the selected firms will be completed in October and November with a final selection made to be by January.

-Approved paying HJ Umbaugh & Associates $3,275 for work completed on the tax increment finance district created in March of this year.