MONROE - The city of Monroe can now provide financial incentives to outside developers on downtown projects - including those related to parking.
The Common Council approved an amendment to Tax Increment District 7 on Tuesday. That amendment serves three main purposes, according to Greg Johnson, a representative of Ehlers Financial Planning. It slightly increases the district's size, which could benefit the city for future development; it allows for financial incentives on a "case by case basis"; and clarifies language regarding those incentives.
Since the district began in 2005, projects by Minhas and in the residential area downtown increased its value by roughly $6 million from $29.6 million. The tax income from growth in the district can be used through the amendment to create more projects in the area.
One major proposed project for the area is the current municipal parking lot. Concerns have centered on what to do with the deteriorating structure.
In a recent study, Rich and Associates, a company focused on parking-based issues, determined that current parking availability is adequate, but with growth, spaces will become limited. The consultants added that without the municipal ramp, there will not be enough parking space for the business district. They also recommended the city implement timed parking along the Square in order to increase turnover of spots in front of downtown businesses.
With these findings in mind, the city asked the Business Improvement District Board and Main Street Monroe to compile recommendations of their own.
BID and Main Street agreed in a January meeting on three recommendations: The city not proceed with work on the current ramp until other development is made; timed parking along the Square of 2- to 3-hour limits; and the construction of two-level parking ramps on city-owned land.
Assistant City Administrator Martin Shanks presented these recommendations to the council during its meeting Tuesday. Aldermen agreed with the timed parking limitations but weren't interested in deviating from Rich and Associates' recommendations. They want to implement timed parking within the year.
Alderwoman Brooke Bauman said when the city decided to hire a firm to conduct the study, aldermen said they would listen to the study recommendations.
Alderman Reid Stangel said he has never heard any negative comments from his constituents regarding parking availability downtown, a sentiment echoed by Alderman Louis Armstrong. Armstrong said people have told him they have no trouble parking along the Square, and the only concerns he has heard was how the city would pay for parking improvements.
"I don't think it's a parking problem downtown, but rather a convenient parking problem," Armstrong said.
Council approved the TID 7 amendment, which still needs to be evaluated and approved by the Joint Review Board.
Alderman Michael Boyce was against the amendment, but said he would prefer that incentives go toward the development of the parking ramp.
The Common Council approved an amendment to Tax Increment District 7 on Tuesday. That amendment serves three main purposes, according to Greg Johnson, a representative of Ehlers Financial Planning. It slightly increases the district's size, which could benefit the city for future development; it allows for financial incentives on a "case by case basis"; and clarifies language regarding those incentives.
Since the district began in 2005, projects by Minhas and in the residential area downtown increased its value by roughly $6 million from $29.6 million. The tax income from growth in the district can be used through the amendment to create more projects in the area.
One major proposed project for the area is the current municipal parking lot. Concerns have centered on what to do with the deteriorating structure.
In a recent study, Rich and Associates, a company focused on parking-based issues, determined that current parking availability is adequate, but with growth, spaces will become limited. The consultants added that without the municipal ramp, there will not be enough parking space for the business district. They also recommended the city implement timed parking along the Square in order to increase turnover of spots in front of downtown businesses.
With these findings in mind, the city asked the Business Improvement District Board and Main Street Monroe to compile recommendations of their own.
BID and Main Street agreed in a January meeting on three recommendations: The city not proceed with work on the current ramp until other development is made; timed parking along the Square of 2- to 3-hour limits; and the construction of two-level parking ramps on city-owned land.
Assistant City Administrator Martin Shanks presented these recommendations to the council during its meeting Tuesday. Aldermen agreed with the timed parking limitations but weren't interested in deviating from Rich and Associates' recommendations. They want to implement timed parking within the year.
Alderwoman Brooke Bauman said when the city decided to hire a firm to conduct the study, aldermen said they would listen to the study recommendations.
Alderman Reid Stangel said he has never heard any negative comments from his constituents regarding parking availability downtown, a sentiment echoed by Alderman Louis Armstrong. Armstrong said people have told him they have no trouble parking along the Square, and the only concerns he has heard was how the city would pay for parking improvements.
"I don't think it's a parking problem downtown, but rather a convenient parking problem," Armstrong said.
Council approved the TID 7 amendment, which still needs to be evaluated and approved by the Joint Review Board.
Alderman Michael Boyce was against the amendment, but said he would prefer that incentives go toward the development of the parking ramp.