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REDEVELOPMENT PLANS: This former concrete plant, most recently occupied as a residence and art gallery, will be redeveloped into a retail, warehouse and vacation rental space, according to plans approved by the Ashland City Council on Sept. 1. (Staff Photo by Suzi Nelson)
ASHLAND – A redevelopment plan for a former concrete plant that includes tax increment financing (TIF) was approved by the Community Redevelopment Agency last week.
On Sept. 1, the Community Redevelopment Agency (CDA), which is populated by the city council, met briefly to approve a redevelopment plan provided by Goodman Classic Construction, Inc. for the former concrete plant at Eighth and Silver streets.
After approving the plan, the CDA adjourned and the city council opened its meeting, where a public hearing on the redevelopment plan took place.
Andrew Willis appeared on behalf of Goodman Classic Construction to discuss the project, which include renovating two buildings on the site into a retail space, warehouse space and a vacation rental unit.
Goodman Classic Construction is based in Carson, Iowa, and is owned by Jeff Goodman.
The retail space will offer agricultural construction services and supplies. Goodman Classic operates a similar store in Storm Lake, Iowa. The warehouse space will store items for the retail business.
The vacation rental unit will only be used for short-term rentals, Willis said.
“It’s kind of a unique place to stay in the city,” he said.
Willis said it will be a “challenge” to remodel the current buildings, which is why the redeveloper is asking for TIF.
Tax increment financing (TIF) is a tool to assist in financing redevelopment projects in areas that have been designated as blighted or substandard. The property was declared blighted and substandard by the city council after a study was done in December 2021.
Under TIF, the redeveloper continues paying property taxes based on the valuation of the property before improvement. In this case, the property is valued at just under $50,000, but will be projected to be valued at $1,050,000 after the project is completed.
The new property taxes that would be generated by the improved value of the property are used to pay off the TIF debt for a period of not more than 15 years. Goodman Classic is asking for $200,000 in TIF.
Willis said TIF is vital for this project.
“TIF is a big piece in making this work,” he told the council.
Council Member Jim Anderson said the project will provide a “refreshing entrance to the community” and will be beneficial to Ashland.
“Without this development, this would sit there, and sit there and sit there,” he said.
The city council did not vote on the redevelopment agreement. The matter will be on the Sept. 15 council agenda.
The council also approved the second reading of Ordinance 1209, the 2022-23 General Fund and Water Wastewater Budget Document. A public hearing on the budget has been set for Tuesday, Sept. 13. at 6 p.m. at City Hall.
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REDEVELOPMENT PLANS: This former concrete plant, most recently occupied as a residence and art gallery, will be redeveloped into a retail, warehouse and vacation rental space, according to plans approved by the Ashland City Council on Sept. 1. (Staff Photo by Suzi Nelson)