Who's paying for Downtown Phase II?

As a public and private development, most of the project will be paid for by the developer. The City's costs would be recouped through Tax Increment Financing (TIF), which means that the costs will be covered by the new income taxes generated by the new jobs that the project will create, as well as land sale proceeds and tax revenues from the new jobs generated by the project. A TIF also will generate new property tax revenues from the new homes to be built in the project that will benefit the Hudson Schools. 

This is the same TIF method that was used to build First and Main. With First and Main, the developer paid for the majority of the project costs and owns most of the land, and the City's portion was paid for by a TIF. Built in 2004, First and Main CIty costs have already been recouped and paid for through the TIF.

The project is projected to generate an additional $1.900,000 in property taxes annually through the new homes, and an additional $700,000 to $1,000,000 annually in income tax generated through the new jobs created in the office space.

Show All Answers

1. What is Downtown Phase II?
2. What is Issue 11 on the May 7 Primary Election ballot?
3. How will the proposed project traffic be addressed?
4. What will the architecture look like?
5. Who's paying for Downtown Phase II?
6. How will storm water from the project be addressed?
7. Will parking be included in the design?
8. Will my taxes go up because of Downtown Phase II?
9. Has the City considered putting a City Hall, Rec Center or park in the development?
10. What is Tax Increment Financing (TIF)?
11. Will there be Section 8 housing?
12. What's the status of the Windstream property at 94 Owen Brown?