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Posted: 6:17 PM Oct 28, 2009
Bowling Green's TIF District Moving Ahead
It seems the Tax Increment Financing project is starting to take shape in many ways.
Reporter: Ryan DearboneEmail Address: ryan.dearbone@wbko.com |
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It seems the Tax Increment Financing project is starting to take shape in many ways.
First the area near Western Kentucky University's campus has officially been designated to house a hotel, parking garage, alumni center and conference center.
But first, the land between 12th and 14th Streets, in between Kentucky and Center Streets must be secured.
"This week we're going to be purchasing all of the land necessary to build the parking garage and the rest of the proposed development in block 12," says Mary Cohron, Chairperson of the Warren County Downtown Economic Development Authority.
The Authority is still waiting for the new market tax credits to be given out, so its using $3.8 million from the WKU Foundation to buy the property.
Cohron says once the tax credits are announced at the end of the month, the money will be paid back to the foundation.
One thing we may see soon are the visions of what the hotel and parking garage would look like.
Cohron tells WBKO, the Authority has approved an architect to begin designing.
Meanwhile, several individual businesses have expressed interest in setting up shop next to the ballpark, where the original structure would have gone.
So that means another parking structure could be in the works closer to downtown.
"One thing we've talked about is there will need to be parking there once there is a development on block 6. So there will probably be a parking garage there when its time to do that."
Cohron says if everything goes according to plans, Bowling Green residents could see things really start to take shape in just a few short weeks.
"We hope to break ground some time around the first of the year to get things going," she days.
Cohron says details of the Mussellman hotel project are still being worked out.
The Authority will give a full status update of the TIF district to the City Commission next Tuesday at 4.
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