Radcliff plans to use its next city council meeting as a public hearing to explain a tax incentive seen as a central element of redeveloping commercial property just outside Fort Knox’s Wilson Road gate.
The Cameron Group, which has options on 14-plus acres long known as Redmar Plaza, plans to replace the dilapidated retail buildings and develop a destination around restaurants, retail and anchor hotels. Radcliff city government, long interested in replacing the blight in hopes of spurring a north-end retail development revival, is introducing the concept of Tax Increment Financing.
The TIP concept, as defined by Kentucky law, rebates a portion of new tax revenue generated on the property to help the developer pay for infrastructure. While city, county and state government derive property tax on the location that amount would increase as new businesses come to life. Other new tax sources such as sales and payroll taxes also come into the mix.
In essence, the TIF approach says the government would have none of this new revenue without the developer’s investments so it’s an agreement to share the risk and the reward. Money from the TIF can be used only to pay for public improvements on the property which can range from drainage and exterior lighting to parking areas and curbs.
The first aspect of approving the TIF zone is a community meeting to explain the regulations involved and collect input in a forum setting.
At Tuesday night’s Radcliff City Council meeting, Mayor J.J. Duvall suggested using the 5 p.m. Aug. 12 meeting time for the hearing. Because of anticipated interest in the Redmar project, Duvall said the hearing may be relocated from the usual second-floor meeting room at Radcliff City Hall to larger space at Colvin Community Center.
During the business portion of Tuesday’s meeting, the council approved $320,945 from the city’s stormwater utility fund as matching funds commitment necessary to secure a grant from the Federal Emergency Management Agency.
The city hopes to receive more than $2 million from FEMA’s mitigation fund to pay for a flood-control project to serve neighborhoods off North Logsdon Parkway in a 70-acre watershed.
The council also approved mayoral appointments to the planning commission, board of adjustments and forestry and conservation board.
It also approved Ashley Russo’s appointment as city clerk to replace Jeff England, who is retiring. Russo previously served in that role under Mayor Sheila Enyart and during Duvall’s first term as mayor. England, who has worked nearly three decades for the city, retires effective July 31.