Special Bd. of Aldermen — 03/6/2018 Page 10
the neighbors whose backyard of the library walk might feel like what are you doing to my backyard. What's
going to happen next?
Alderman Klee
Thank you. So the TIF money stays within the district that it is collected from. Is that correct?
Director Cummings
Yes.
Alderman Klee
So it will be just the riverfront and currently it’s just going to go from the bridge all the way. | can see from
there. It’s not going to be on the Peddler side, or the Marguerita side, or BAE then is that correct?
Director Cummings
On the Peddler side, there’s an existing TIF. So that will stay in place. However on the library side if you will,
there would be no TIF on that side as of today. If all goes well, maybe we’ll be back and we’d be looking to do
that.
Alderman Dowd
A couple of things. The TIF really helped to change a blighted area as we all know into a really nice area over
by Peddler’s that used to be a very bad place. In this instance if this gets passed, tax money from that area
would be put into a special account to be used for development. Two questions. One the river project seems
like — and | think we may have talked about this before — probably too big to be run without help. Are we
looking to develop some kind of | don’t want to say committee, some kind of a group that’s going to oversee
this? The other question associated with that is as | believe you said before that any expenditure of those
funds in this area would come back to the Board of Aldermen for approval?
Director Cummings
So the answer is yes to your questions. First what | would envision and recommend is that the riverfront,
Riverwalk if that is the first priority and | believe it would be to get endorsed and move forward from an
infrastructure perspective also have a component where through a private sector RFP contractor would be
brought on board to help with the maintenance and to make sure that we had an operational plan as well as a
capital plan and we would use the money from that to service that improvement. | think that is the best
practice that is used across the country to ensure that we are taking care of our priorities once they’ve been
met.
Alderman Dowd
Follow up. As a logistician on thing that concerns me all the time is we build something and then forget about
it. I’m going to make the presumption, correct me if I’m wrong, that these TIF monies can also be used to
maintain whatever we do in that area to keep it up and running.
Director Cummings
Yes. Again | think it would be through an RFP, a private sector vendor who would be accountable to a board.
Our current TIF has a board and an administrator. The Director of Economic Development is the administrator
to the Board. So there is a TIF Committee already established that would be — if you want to think it in a way,
