Wednesday, June 12, 2013
The City of Derby is another step closer to making road improvements at the southeast corner of K-15 and East 63rd Street South or Patriot Avenue.
Today, Sedgwick County Commissioners voted to take no action, which equates to approving a Tax Increment Financing District, known as the Derby North Gateway TIF District.
County documents showed the incremental revenues will be used specifically to address traffic safety concerns and improve access by realigning Nelson Drive. The public improvements are estimated at $2,050,000.
"We believe that putting in a traffic signal there and improving the road, will help not only traffic safety but also access and value of the properties, which as you know, helps schools, helps the county, helps the city and helps the businesses," said Kathy Sexton, city manager for Derby.
The proposed anchor development within the project area is Menards, which has purchased land in the area. The private developers have not requested public incentives for that project.
Instead, Sexton said Menards is a trigger point to redevelop the 100-acre blighted area.
"If we build the new street, fix the drainage problems, and Menards comes, the synergy that happens there is that other people will sell their property," said Sexton.
The county will forego approximately $767,000 in property tax revenues during the projected life of the TIF District.
If the Derby School Board approves the TIF district, then the city expects to have road improvements completed within two years.