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 Two weeks ago during their voting session, the request for TIF
funding for the façade reconstruction of the building at 515
Broadway Street was tabled due to concerns about available dollars
in the city budget.
The city is currently in the process of wrapping up its budget
building for the 2015-16 fiscal year. Once again this year the
numbers are going to be tight, and the council doesn’t see any
excess cash floating around. Because of this, they were hesitant to
grant the request at the last voting meeting.
Since that time, budget workshop sessions have continued. At the
meeting held on Monday, April 13th, aldermen focused in on dollars
designated for fibre optic installation in the downtown area. They
considered trimming $50,000 from that line item and putting it into
a TIF fund for future projects.
At their regular workshop session the following evening, discussions
continued regarding the TIF application. The building owner, David
Lanterman had requested $18,000 from the TIF fund for the façade
project only. Lanterman is remodeling the entire building, but only
the façade is eligible for TIF dollars. He estimated the $18,000
would be approximately 75 percent of the cost for the façade. The
entire project inside and out is expected to cost in excess of
$100,000.
 The council agreed they wanted to support the project, and that they
needed to get the TIF money flowing out so the tax increment
revenues would start flowing back in. However, they questioned the
amount.
Currently, the TIF document as designed by the city says the program
will provide financial support in a dollar amount equivalent from 50
to 75 percent of the total project cost. Michelle Bauer noted that
with only $50,000 to work with this coming year, the city needed to
consider having dollars left for any other business that might come
forward with an application. Marty Neitzel said that was a good
point, and noted to the council that there is one other business in
the downtown area right now that is considering making an
application for TIF funding.
Bauer suggested they award Lanterman $10,000 instead of the $18,000
requested. Scott Cooper said he was a bit uncomfortable with
choosing a random figure. He felt like the TIF award should still be
based on a certain percentage of the total project cost. However,
Neitzel noted that a percentage was going to have pitfalls as well.
She noted that in the case of a $200,000 project with a percentage
award of only 2 percent, the city’s investment would still be
$40,000. She said with the city’s limited resources for TIF, that
wouldn’t work out very well. Cooper agreed saying that he could
easily see that would be an issue.
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At the end of the discussion, it appeared the council was still
somewhat undecided as to whether it will stay on the table next
week.
What was apparent is that the council wants to re-visit the city’s
TIF document, and look at re-aligning some of the parameter’s for
cash awards, based on its ability to finance smaller dollar amount
projects without borrowing money or issuing future bonds.
In the meantime, Lanterman took his store front plan to the Lincoln
Historic Preservation Commission on Monday April 13th. Because the
downtown area is now a Historical District, the Commission has to
review proposed façade renovations to assure the work falls under
the guidelines of preserving the original look of the structure.
Lanterman told the commission that he plans to return the building
at 515 Broadway to its 1970’s façade and that it would marry well
with the 513 address next door. He said the columns would have to be
rebuilt, windows will be placed to one side, and the center with the
entry door off to one side. He said the trend of the 70’s was to
build structures that went together but did not necessary mirror one
another. He said each building was a little different than the one
next to it.
Lanterman already has an occupant for the building. It will be a new
office for an Edward Jones Investment Center. He said putting the
door to the side instead of the center would make a better floor
plan for offices.
On a side note, Lanterman said that he had found an antique door,
half wood, and half glass that will be the entry door. He had also
been happy to discover that the original tin ceiling is intact and
can be saved.
The commission was well pleased with the plans Lanterman brought
forward and noted this type of reconstruction fit exactly the goal
and mission of preserving the historical integrity of the downtown
area.
Commission members present for the meeting were Chairman April
Doolin, Julie Cooper, Kay Dobson, Brian Messner, Karen Sager and
Bill Vinyard. The request for approval was granted by unanimous
vote.
[Nila Smith]
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