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City Of Spencer Sets Wheels In Motion For Revisions To Urban Renewal District

June 21, 2022 Steve Schwaller

(Spencer)– The Spencer City Council Monday set into motion a plan to make some revisions to an urban renewal area that includes Pine Tree Plaza on the city’s south side. It’s part of a larger district who’s 20-year life life span is about to expire. Brian Weuve (weave), the city’s Finance Director, told the council it essentially deletes the Pine Tree Plaza property from the current district and puts it back into a new one…

“What happens is the property goes back in but it goes back in at today’s value, and so really what happens is that base value that the increment is calculated off of gets re-set to today’s value instead of 20 years ago, and then they’ll be following up with an ordinance to re-divide the taxes. And so while the rest of that district is expiring, what we’ve talked about with our bonding attorneys and that is instead of just putting the whole district back in and dividing taxes is it will be kind of go back in now as a piece meal so if we have another project that’s in that existing area we’ll kind of do that same thing, we’ll delete it out and then add it back in so it’s time clock can start.”

Weuve says the change is needed to accommodate a developer’s agreement for the T.J. Max store that will be going into Pine Tree Plaza. A public hearing on the matter is set for the council’s July 18th meeting. Weuve says the city of Spencer will likely be taking similar action on some other urban renewal districts in town that are also about to expire.

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