The City Council approved plans and authorized bidding for the CSAH 101 and Shenandoah Drive Traffic Signal and Improvements Project.  The bid award is scheduled for October 3, 2023.  Construction of the improvements are expected to start early summer 2024.

The project is located within the boundaries of TIF District #17 Hwy 101 and Shenandoah Drive Development Project, but was identified as a need related to the traffic study of TIF District #18 Canterbury Commons Development Project.

The attached resolution authorizes the use of future tax increments from the administration fund of TIF No. 18 (Canterbury) in the approximate amount of $1,589,00. 

The resolution allows for the City to spend the money in advance for improvements for the traffic signal and be reimbursed from future tax increments from the administrative portion plus interest from TIF District No. 18.  Tax increment projections show sufficient funding will be available from the TIF No. 18 administrative fund repay the cost of the improvements. Since the expenditures will occur outside the geographical boundaries of TIF No. 18 the expenditures are considered "out of district".  Redevelopment districts are allowed to spend up to 25% of tax increment revenues on projects "out of district".