The Columbia City Council on Monday night took another series of steps required to make Main Street Abbey a reality.
The council unanimously approved the creation of a redevelopment area at the site of Main Street Abbey – the former Immaculate Conception Church and current school property – and approved the use of tax increment financing funds for the project.
The council also approved an ordinance to set up a public hearing on establishing a business district at the site.
Main Street Abbey is the project by developer Gregg Crawford that will preserve, renovate and develop the site of the deconsecrated church, convent, rectory and eventually grade school on Main Street.
“The developer is taking a significant (financial) risk,” said Columbia City Administrator Jimmy Morani.
Terms of the TIF and redevelopment agreements, both of which use tax money generated by the property in question to help fund aspects of the project, such as infrastructure, must still be negotiated between the city and developer. The tax money in question will be capped at a maximum amount as well as a maximum number of years, and when one of these is reached, the TIF expires and rebates to the developer end.
In part, an additional 1 percent tax will be assessed on all purchases within the business district, which covers only Main Street Abbey…>>>
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