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Council considers extending Airport Plaza CID

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Five years after the Airport Plaza Community Improvement District was created, its developers are asking for a 25-year extension.

During the Aug. 9 council meeting, a public hearing was held on the requested extension, which would add another 25 years to the life of the 25-year CID on the northeast corner of West Bypass and Kearney Street.

According to Joe Corn, board president of the district, revenues from the 1 percent sales tax that were expected to help pay for roughly $2.8 million of developer-incurred infrastructure costs aren’t coming in as quickly as planned, partially because the district’s primary occupants aren’t the retailers originally expected.

“The scope of our development changed considerably,” Corn said. “Our first two lot sales … were T-Mobile and the lots for the apartments.”

An extended CID, which would end in 2055, or before, if the infrastructure costs are fully reimbursed, would give developers more leverage when negotiating bank loans, Corn said.

“We still owe a considerable amount of money on our construction loan for that infrastructure,” Corn said. “At the present rate, the CID is paying approximately $48,000 a year or $4,000 a month. … To maintain our loan with the bank, they want to know about the CID as well. That’s a part of the loan.”

Council members will vote on the ordinance in two weeks, at an Aug. 23 meeting.[[In-content Ad]]

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