The City of Greenfield Comprehensive Plan established the revitalization of the 27th Street Corridor as an important priority. The Comprehensive Plan recommended using tax incremental financing (TIF) aggressively in this area to promote property assembly and redevelopment of key intersections and larger, combined sites.
Goals of TIF Financing
To that end, this plan proposes to create Tax Incremental District No. 3 (District) to do the following:
Finance public works improvements
Provide incentives to the private sector which will result in the improvement of properties in this area
Stimulate planned commercial, housing, and mixed use development.
The City intends to utilize, where applicable, its various implementation programs available to municipalities, such as industrial development and redevelopment bonds, Community Development Authority (CDA) lease revenue bonds, housing bonds, TIF, CDA rehabilitation loans and grants, and other State or federal programs that may be available.
27th Street Goal
It is a goal of the City to maintain the 27th Street Corridor as a healthy, vibrant area and a center of commercial activity.
The corridor faces a number of obstacles and opportunities related to its continued economic viability, including:
Planned improvements to the interchange of 27th Street and the I-894 bypass
Obsolescence of certain uses along the corridor
Difficulties with providing street access to certain parcels in order to facilitate their redevelopment
The City retained Municipal Economics and Planning in 2008 to prepare a concept plan for the corridor, including detailed concept plans for the redevelopment of specific sites within the corridor. The City is planning to use its economic development tools to implement this concept plan and encourage commercial, housing, and mixed-use development in 27th Street Corridor area. This strategy is consistent with the goals of the City's Comprehensive Land Use Plan and also conforms to the basic statutory purpose of TIF as established by the State.
The City of Greenfield has the opportunity to assist in the implementation of major projects which will affect the economic health and vitality of the 27th Street Corridor and the entire community for decades to come.