Westfield Redevelopment Commission Economic Development Areas Overview
Westfield Redevelopment Commission presented changes to Economic Development Areas including terminating residential expansion, creating new allocation areas, and removing residential parcels. The Lantern Commons EDA, Aurora 1 Allocation Area, and Aurora 3 Allocation Area are highlighted with details on potential captured AV, TIF revenues, and future projections.
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Westfield Redevelopment Commission Economic Development (TIF) Areas November 15, 2022 Presented by: O.W. Krohn & Associates LLP Jim Treat, CPA jtreat@owkcpa.com
Introduction Westfield RDC Terminating residential expansion from the Lantern Commons Economic Development Area Dissolve Aurora 1 Allocation Area from and create Aurora 3 Allocation Area in the East Side Economic Development Area Removal of residential parcels from the Eagletown Economic Development Area
Lantern Commons Economic Development Area Westfield RDC Formed in 2008 Property in the Lantern Commons EDA will be classified as commercial vacant instead of residential vacant beginning January 1, 2022 S Union St Has never generated any TIF revenue since establishment US-31 All parcels up to now classified residential E 161st St
Lantern Commons Economic Development Area Westfield RDC Lantern Commons Economic Development Area Potential Captured AV Base AV $ 5,997,376 $ 3,945,650 $ (2,051,726) $ - 5,668,240 3,858,955 4,636,968 3,303,310 4,450,326 3,220,201 4,341,196 3,126,530 Current NAV TIF Revenues 2021 Pay 2022 2020 Pay 2021 2019 Pay 2020 2018 Pay 2019 2017 Pay 2018 (1,809,285) (1,333,658) (1,230,125) (1,214,666) - - - -
Aurora 1 Allocation Area Westfield RDC Aurora 1 & 2 Allocation Areas are parts of the East Side Economic Development Area Aurora 1 produced minimal TIF Revenue before dropping to zero dollars in Pay 2021 and projected in 2022 Dissolve Aurora 1 Allocation Area Create Aurora 3 Allocation Area Automatically remove future residential parcels from EDA
Aurora 1 Allocation Area Westfield RDC Aurora 1 Economic Development Area Potential Captured AV Base AV $ 35,440,463 $ 21,489,208 $ (13,951,255) $ - 11,038,689 7,385,892 277,205 378,900 239,301 428,100 274,967 491,900 Current NAV TIF Revenues 2021 Pay 2022 2020 Pay 2021 2019 Pay 2020 2018 Pay 2019 2017 Pay 2018 (3,652,797) 101,695 188,799 216,933 - 2,169 3,522 4,697
Eagletown Economic Development Area Westfield RDC Darker green areas on graphic represent Eagletown EDA Residential parcels in Gristmill Trails will be removed from the TIF Area
Eagletown Economic Development Area Westfield RDC Blue highlighted area includes all 114 residential parcels to be removed from the Eagletown EDA More residential parcels will be automatically removed from the area as they are developed Removal of residential parcels will prevent lost TIF Revenues in the future
Eagletown Economic Development Area Westfield RDC Eagletown Economic Development Area Potential Captured AV Base AV $ 5,372,657 $ 66,352,829 $ 60,980,172 $ 1,340,000 1,231,918 43,838,300 1,204,715 40,971,200 1,297,139 34,989,600 1,256,185 31,131,800 Current NAV TIF Revenues 2021 Pay 2022 2020 Pay 2021 2019 Pay 2020 2018 Pay 2019 2017 Pay 2018 42,606,382 39,766,485 33,692,461 29,875,615 871,958* 742,184 707,410 635,733 * Billed in 2021
Westfield RDC Questions, comments or discussion?
