The Westfield City Council engaged in some cleanup of boundary lines in multiple economic development areas in September, supporting future growth within those areas.
The council approved four resolutions that remove and add parcels within the Grand Junction Economic Development Area, the Eastside Economic Development Area, the Wheeler Economic Development Area and the 146th Street Economic Development Area.
Westfield Economic Development Director Jenell Fairman said the modifications help balance funds to meet goals and objectives of economic development.
“Generally, we add parcels to economic development areas and TIF allocation areas in order to generate tax increment, which then can be used to finance or support through incentives infrastructure improvement projects (or) other public projects that are beneficial to the general public,” Fairman said. “(That) could include parks, it could include roads, utilities, other amenities that are generally available to the public. It could include parking structures and improvements of that sort. We use these tools to help incentivize areas that we know we’re focusing on economic development specifically.”
Fairman said changes to the 146th Street EDA are specific to a project that’s underway.
Two parcels will be added into that EDA along 146th Street from just west of Towne Road to just east of Ditch Road. The addition of those parcels, at the northwest corner of 146th and Towne, will support the Towne Run project — a development to include Lifetime Fitness, retail and commercial properties.
“They’re bringing a lot of elevated public amenities to this area that we are planning to invest in directly into that specific allocation area,” Fairman said.
The $53 million Towne Run project, proposed by LOR Corp., includes 24,000 square feet of office/commercial/retail space; 110,000 square feet to accommodate a Lifetime Fitness health club and gym; and public infrastructure to support trails, golf cart parking, lighting, landscaping and gateway signage.
The estimated future assessed value of Towne Run once complete is $26 million, versus the current assessed value of $62,700. That increased assessed value would generate more than $540,000 of TIF dollars annually, including more than $67,000 earmarked for Westfield Washington Schools without additional residential development.
The Westfield City Council was expected to vote on the issuance of economic development tax increment revenue bonds to support the project in an aggregate amount not to exceed $3.5 million Oct. 14.
“They’ll be allowed to use the funding from that bond from the TIF to support public improvements within the allocation area,” Fairman said. “This is really a gateway from 146th Street into Westfield and really is a great opportunity for us to create this dynamic experience as people are entering Westfield from 146th Street, whether they are coming from the east or the west, this will be potentially their first introduction into our community.”
Fairman said the bond request represents high-quality development and tenants for the development, which acts as a kind of guarantee that the site will be well maintained to keep those tenants and customers.
“The assurance that we have is, they are investing in really quality architecture and quality amenities and they’re looking for quality community engagement,” she said.
The developer said there are approximately 5,000 homes within a 1-mile radius of the development that will benefit from trail connections and retail development.