Council approves $13 million grant to redevelopment fund for additional parking at two downtown projects
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Summary
The council approved Resolution 25-144 to transfer $13 million from the Capital Projects Fund to the Redevelopment District Capital Fund to support additional parking capacity at the Park and Poplar and Jersey 32 projects; staff said the transfer moves funds previously discussed and is not new money.
The Westfield Common Council on Aug. 25 adopted Resolution 25-144, approving a $13 million grant from the city’s capital projects fund (Fund 266) to the redevelopment district capital fund (Fund 244). Director Janelle Fairman told councilors the grant will fund additional parking capacity for two redevelopment projects — Park and Poplar and Jersey 32 — above what the projects’ tax-increment financing (TIF) can support.
“This is a requested grant from the redevelopment commission for $13,000,000,” Fairman said. “This would be used for two projects that are currently going through approvals…this is just moving the funds.” She and other staff repeatedly described the action as reallocating previously approved dollars, not authorizing additional city funding beyond earlier approvals.
Fairman said the grants are part of earlier redevelopment approvals and that future bond ordinances for each project will come to council. “There will be bonds that will be coming to city council for approval for both projects. This is just grants that would be for the additional parking capacity,” she said.
The council approved the resolution by a 6-0 roll call vote. Staff said the transfer will enable the redevelopment commission to fund parking above TIF capacity and that formal bond actions for the projects will follow as needed.