OEDC Readies for TIRZ 2, Main Street Projects
The Olney Economic Development Corporation board of directors received updates on several ongoing projects at its Jan. 14 meeting, including progress on the reopening of the county “tag” office, downtown revitalization efforts, and work tied to future tax and redevelopment initiatives.
OEDC Executive Director Tom Parker told the board that renovations at the county vehicle registration office in the subcourthouse on South Grand Avenue are nearing completion, with reopening anticipated by Feb. 6. Mr. Parker said the primary causes of the delay were the late delivery of the transaction window and the county’s installation of required security features. In related courthouse improvements, parking striping at the courthouse is scheduled to begin Monday, Feb. 19.
Mr. Parker also reported that the Main Street Façade Committee has met and begun revising application documentation for the façade improvement program. The committee is expected to meet again later this month and has reached out to Keep Olney Beautiful to coordinate downtown efforts. Last year, the OEDC worked with Grossman Design Build to finalize a comprehensive plan aimed at sprucing up Main Street to attract new businesses and generate additional tax revenue for the city.
The proposed Façade Plan would encompass downtown Olney from Avenue B to Avenue E, both east and west, and from Hamilton Street to Elm Street, north and south. Planned improvements include updated parking layouts, drainage, lighting, sidewalks, and enhancements to building facades.
Mr. Parker said the façade initiative is a key component of OEDC’s broader strategy in its newly established tax increment reinvestment zone, or TIRZ 2, along Main Street and State Highway 79. Revenue generated within the zone would be used to fund upgrades to commercial properties in the area.
Mr. Parker said he recently met with Mayor Rue Rogers to discuss possible changes to the façade plan as originally submitted. He is also coordinating the preparation of documents needed for the city to finalize formation of the TIRZ 2 board and to confirm the county’s participation under previously discussed terms, beginning with the county forgoing 100 percent of its incremental tax revenue within the zone. OEDC attorney Jeff Moore was working on the legal framework, and Mr. Parker said he hopes to present the proposal to the Young County Commissioners Court at its February meeting.
Additionally, Mr. Parker stated that he has begun drafting documents for the city and county to apply for a federal opportunity zone designation and has met with Mr. Moore to establish a schedule for documents related to the transfer of the OEDC’s building at 100 Anderson Place to Tower Extrusion. OEDC owns the building and has leased it to Tower since 2009.
At a Jan. 23 special meeting, OEDC board members discussed how to set a value for the building, including how to establish clear standards for future transactions. The board votes to move forward with documents related to the Tax Increment Reinvestment Zone that the Olney City Council and Young County Commissioners will review and approve. The board also discussed the proposed composition of the TIRZ 2 governing board. Mr. Parker provided an update on subcourthouse construction, saying the county vehicle registration office is expected to open later this year after required security approvals are made to the new office.