During the City of Carrollton Mayor and Council work session on Thursday, a discussion about the Downtown mixed-use development on Highway 27, Alabama Street, and North Cliff Street took place.
The Carrollton Redevelopment Authority met earlier in January and unanimously recommended the approval of the Downtown Carrollton mixed use TAD (Tax Allocation District) project application to include a one-time payment from TAD funds of $2.25 million for the construction of the project.
According to Linco Development’s TAD funds application, the development includes a 99-unit hotel, 80 multifamily units, approximately 17,000 square feet of retail, and a possible 4,000-square-foot museum. It is proposed along with the construction of a city parking deck and a 7,000- square-foot conference center addition to the Center for the Arts. The property is currently owned by the city.
The funds to fulfill this one-time payment would be from the city’s capital projects fund. The city would collect repayment of the $2.25 million over twelve years, beginning after the project is complete from the revenue it generates. The Mayor and Council voted unanimously to approve this request of $2.25 million. This TAD project includes partnership between the Carrollton City Schools, Carroll County, and the City of Carrollton.
Following the Redevelopment Authority’s recommending approval for this request, the school system also approved. The city will present the project application to the Carroll County Board of Commissioners at their work session on January 30.
Rendering provided by the city of Carrollton
