The Tax Increment Financing Commission is recommending that the Trenton City Council allow a portion of a proposed project to proceed before final approval is given to the entire plan.
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The Tax Increment Financing Commission is recommending that the Trenton City Council allow a portion of a proposed project to proceed before final approval is given to the entire plan.
During a meeting on Thursday, the commission approved a resolution that would allow Trenton AMS, LLC to do renovation work in the gymnasium area of the former Adams Middle School building to allow the group to have that portion of the project done in time for the Trenton High School Alumni activities in late August. The THS Alumni Association plans to hold a dance in the gymnasium as part of the alumni events planned for Aug. 29-31.
In the resolution, Trenton AMS LLC would be able to proceed with the gymnasium renovation and TIF funds, if approved, could be disbursed to help pay for reimbursable costs involved with that work. Approval of the resolution would not require that the city council approve the entire TIF project. That action will not take place until after a public hearing, that has been scheduled for 6 p.m. on Thursday, Aug. 14.
Trenton AMS LLC is proposing that the project be designated for TIF Funding and that up to $300,000 in funds be made available. The money would come from taxes collected by the city from Trenton AMS LLC as well as businesses located in the building, as determined once the TIF project is approved.
Trenton AMS LLC plans to renovate the building for location of speciality shops, eateries and office space as well as have the gymnasium and auditorium areas available for use by both private and public entities.
The resolution, along with a blight study of the property, will be forwarded to the city council for action at its meeting on Monday night.
In other business, the commission approved the payment of $242.50 to the law firm of Armstrong and Teasdale for assistance in developing paperwork for the TIF project. Those funds come from a $5,000 payment made to the TIF Commission by Trenton AMS LLC to help cover initial costs of the project.