City eyes TIF to pay for road off Tuller Ridge Drive
Dublin is eying a tax increment finance district to help fund the construction of a road off Tuller Ridge Drive.
Dublin City Council last week heard the first reading of a TIF agreement with Vrable Land Holding Dublin LLC, the company that plans to develop 6.34 acres at the southwest corner of Tuller Road and Tuller Ridge Drive.
The development at the corner is expected to bring a skilled nursing facility to the land and 125 new jobs, said Dana McDaniel, Dublin's deputy city manager and director of economic development.
"(The) developer agrees to develop the property as a skilled nursing, assisted living and office use project with a minimum value of at least $14 million," the staff report to council stated.
City plans place two roads around the property.
Mooney Street would run north and south from Tuller Road and meet another planned road, John Shields Parkway at the south.
John Shields Parkway would run east to west from Tuller Ridge Drive to the planned Riverside Drive realignment.
"The construction of the new roads would set the vision of this area of the Bridge Street District," McDaniel said.
Vrable donated land for the new roads at no cost and plans to "design and construct, at its expense, Mooney Street in the future contemporaneously with the development of the property between the proposed Mooney Street and Riverside Drive," the staff report said.
Dublin plans to construct John Shields Parkway and do so in two phases.
The road is expected to be completed by the end of 2018, McDaniel said.
The proposed TIF would help fund the construction of John Shields Parkway, which is expected to cost $2 million.
If approved by council, the TIF would begin in 2016 and run until the funds collected matched the cost of John Shields Parkway, including a 2.5 percent interest rate, the staff report to council said.
TIFs raise money by directing property taxes from other entities into a fund for infrastructure improvements.
The city is still in talks with the Dublin City School District as to whether they will be exempt from the TIF.
In other council news, a $145,641 bid from Martin Painting & Coating Co. was accepted by council last week to paint street light poles and bases, traffic signal mast arms, electronic signage poles and street light and traffic control cabinets.
The project is expected to start within the next three weeks and be finished in mid-September.