The Casper City Council voted to adopt an urban renewal plan designed to help facilitate the construction of a $26 million Hilton hotel in the city’s downtown. The plan centers on a five-story development featuring roughly 120 rooms, a restaurant, a bar, and meeting facilities.
Urban Renewal Plan Details
The plan utilizes tax increment financing, or TIF, to fund necessary public improvements. Under the 25-year arrangement, the city’s plans use the increase in property tax revenue generated by the new development to pay for infrastructure such as street repairs, utility connections, and environmental remediation.
The TIF funds will be used for several specific public improvements and site preparation activities, including the construction or improvement of streets, curbs, gutters, and sidewalks within or adjacent to the project site. The funds are also designated for utility-related work, such as building adequate street and utility connections and relocating existing public or private utilities.
Community Development Director Liz Becher stated that the plan is intended to promote infill development and reinvestment in the urban center. The adoption follows a study that identified the area as blighted, citing conditions such as deteriorating structures and inadequate street layouts.
Original reporting: Oil City News (Casper WY) — read the source article.
