Sounds Like a Movie Title: The Downtown Connection and a Big, Bright, Expensive Joule
We've spoken here and there (and there) of The Joule's expansion plans, heralded last fall with Tim Headington's acquisition of five surrounding properties along Commerce and Main Streets. But this morning, the council's Economic Development Committee gets a closer look at the what-the-what, a few details of which are spelled out in the graphic above. (Also part of the package, among other things: 4,500 square feet net for an an "open-area event deck," and turning the Commerce Street buildings into a secondary entrance for the hotel.)
Headington's expecting to shell out $85 million for the whole shebang, once you add up property price tags and design fees and construction costs and so forth. But he'll get about a quarter of that back from the city: The point of this morning's briefing is to outline how much Headington's getting in Downtown Connection tax increment financing -- $20,658,550, three mil of which is a TIF grant partially dependent upon the construction of "a retail 'jewelry' box along the frontage of 1417-19 and 1503 Main Street."
The project is also receiving $10 million in historic tax credits, and, according to the docs, it should be done in time for Christmas visitors in 2013. Incidentally, the Girl on Top, who can't seem to stay away from council meetings, will liveblog this momentous occasion this morning. Perhaps she'll find out what the ED committee decided to do about Southwest Center Mall while she's at it.
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