In a recent government meeting, officials discussed the successful completion of the first phase of the Compass Apartments, a 93-unit multifamily housing complex valued at approximately $11 million. The project, which includes surface parking, has been accelerated due to the positive outcomes from the nearby Emery Apartments housing TIF project. The completion of phase one allows for the issuance of a TIF note, which will facilitate annual payments to the developer based on the new taxable value generated from the site.

The redevelopment TIF was initially utilized for the demolition of the former Days Inn hotel, which had seen a significant decline in value due to prolonged vacancy. The previous taxable value of the hotel was around $3 million, highlighting the substantial increase in property value with the new development, estimated at $24 million.

Commissioner Coda inquired about the previous tax value of the Days Inn, confirming the decline over the years and emphasizing the positive impact of the new apartments on the local economy and skyline.

The meeting also addressed the preliminary budget for 2025, with a focus on recommending a maximum tax levy of $746,140 to the city council. This levy is intended to support ongoing and future large-scale projects, with officials expressing confidence in the budget's alignment with community development goals. The EDA is expected to finalize the recommendation in the coming sessions.