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Home » Clarksville approves as much as $14.5 million in bonds for downtown improvement

Clarksville approves as much as $14.5 million in bonds for downtown improvement

Sep. 22—CLARKSVILLE — The Clarksville City Council council has accredited bonds anticipated to assist bolster continued redevelopment in South Clarksville.

The council voted unanimously at Tuesday’s assembly to approve as much as $14.5 million in financial improvement lease rental bonds to help in improvement of the Current812 mixed-use house alongside Major Avenue in South Clarksville.

The challenge, led by Denton Floyd actual Property group, is deliberate to be a $45 million, 332,586 square-foot, five-story constructing which can embody retail and restaurant house and 200 market-rate residences. It was introduced in July following a vote for the Clarksville Redevelopment Fee to promote the property and would be the second main improvement within the up-and-coming new downtown space, following Bolt+Tie which opened within the spring.

The bonds are to not exceed 22 years and might be repaid utilizing annual revenues into the Tax Allocation Fund, from revenue-generating initiatives throughout the TIF space.

Clarksville officers not too long ago issued a Request for Proposals to demolish 23 buildings together with 11 residential properties to make means for the upcoming Present 812 and crucial infrastructure enhancements within the space.

The council additionally held a public listening to Tuesday for the proposed 2022 funds, which features a basic fund of $16.4 million; the 2021’s licensed funds has a basic fund of $13.1 million.

The 2022 numbers embody an estimated civil tax levy of $10.3 million, with one other estimated most $7.8 million levy coming from the hearth territory created in 2019. The council is anticipated to vote on the proposed funds throughout a particular assembly at 6:45 p.m. Oct. 5, simply earlier than the common council assembly that evening.