$121M Maryville Academy Redevelopment Plan Heads To Committee
The Community Development Commission will discuss a contentious request from JDL Development and Harlem Irving for $15.8M in tax subsidies for a $121M, 381-unit multifamily project they want to build on the former Maryville Academy site in Uptown.
Tax Increment Financing funds (TIFs) are a financing tool where property taxes are diverted from government functions such as schools and police and fire departments to address blight in depressed neighborhoods. But the program has drawn fire in recent years over how funds are allocated, and to whom.
The JDL-Harlem Irving development is receiving criticism from affordable housing advocates for its price tag, the TIF request and that only 20 units will be reserved for affordable housing, according to Crain's. Under last year's changes to the city's affordable requirements ordinance, 10% of a new multifamily construction must be reserved for affordable housing or developers must pay into a city-controlled affordable housing fund. JDL plans to pay $5.7M to that fund. [Crain's]