NOTICE OF PUBLIC HEARING APPLICATION REGARDING CREATION OF THE TOWN OF
FAYETTEVILLE DOWNTOWN REDEVELOPMENT DISTRICT NO. 1
A public hearing will be held at a meeting of the Town Council of the Town of Fayetteville (the “Town Council”), on Thursday, May 9, 2024, at 4:00 p.m., prevailing time, at the Town Hall, located at 125 N. Court Street, Fayetteville, West Virginia 25840, and at such hearing any person interested may appear before the Town Council and present comments, protests and suggestions. All comments, protests and suggestions shall be heard by the Town Council and it shall then take such actions as it shall deem proper in the premises regarding the approval, pursuant to Chapter 7, Article 11B of the Code of West Virginia, 1931, as amended (the “Tax Increment Financing Act”), of an application regarding the creation of a redevelopment district to be designated as the “Downtown Redevelopment District No. 1” (the “TIF District”) in Fayette County, West Virginia, and a project plan pertaining to (i) the design, permitting, acquisition, construction, renovation, and equipping of site, infrastructure, and other improvements that will facilitate redevelopment within, or for the benefit of, the TIF District, including, without limitation, (a) parking, traffic and sidewalk improvements in downtown Fayetteville, including around the new apartments and boutique hotel located around Wiseman Avenue and High Street; (b) repair of stone retaining walls throughout downtown Fayetteville that were initially installed over 100 years ago; (c) construction of a new concession stand and restrooms and installation of fencing at the old football field along Reynolds Avenue; (d) development of a visitor’s center in downtown Fayetteville; (e) installation of signage throughout downtown Fayetteville; (f) construction of a tunnel and sidewalk along South Court Street; (g) relocation of aboveground utilities to underground along several main roads in downtown Fayetteville; and (h) restoration of the Fayette County Soldiers and Sailors Memorial Building, and all necessary appurtenances within or benefitting the proposed TIF District; and (ii) paying administrative, legal, accounting, and professional costs related to the aforementioned (the “Project”), which is to be designated as the “Downtown Redevelopment Project”. Following is a brief summary of such matters.
Creation of Redevelopment District
The proposed TIF District includes the real property and certain personal properties comprising part of downtown Fayetteville, including areas along and within portions of Court Street, Keller Avenue, Wiseman Avenue, High Street, Reynolds Street, Hesler Avenue, Harvey Street, Clark Street, Lively Street, Maple Avenue, Gatewood Road, Rotan Street, King Avenue, Phillips Street, and Fayette Avenue. The proposed boundaries of the TIF District are shown on the map set forth below:
Approval of Project Plan
The Town of Fayetteville proposes a project consisting of (i) the design, permitting, acquisition, construction, renovation, and equipping of site, infrastructure, and other improvements that will facilitate redevelopment within, or for the benefit of, the TIF District, including, without limitation, (a) parking, traffic and sidewalk improvements in downtown Fayetteville, including around the new apartments and boutique hotel located around Wiseman Avenue and High Street; (b) repair of stone retaining walls throughout downtown Fayetteville that were initially installed over 100 years ago; (c) construction of a new concession stand and restrooms and installation of fencing at the old football field along Reynolds Avenue; (d) development of a visitor’s center in downtown Fayetteville; (e) installation of signage throughout downtown Fayetteville; (f) construction of a tunnel and sidewalk along South Court Street; (g) relocation of aboveground utilities to underground along several main roads in downtown Fayetteville; and (h) restoration of the Fayette County Soldiers and Sailors Memorial Building, and all necessary appurtenances within or benefitting the proposed TIF District; and (ii) paying administrative, legal, accounting, and professional costs related to the aforementioned, which is to be designated as the “Downtown Redevelopment Project,” which will be within the TIF District.
Tax Increment Financing Obligations
To finance the Project, the Town Council proposes to issue tax increment revenue bonds or other obligations (the “Tax Increment Financing Obligations”) in an amount not to exceed $5 million with maturities not to exceed 30 years from the date of the creation of the TIF District. Such obligations may be issued from time to time in one or more series. Proceeds of the Tax Increment Financing Obligations are generally planned to be used to (i) finance a portion of the costs of the Downtown Redevelopment Project, (ii) fund reserves for the obligations, (iii) fund capitalized interest on the obligations, and (iv) to pay costs of issuance of the obligations and related costs. To the extent that surplus tax increment funds are available, portions of the Downtown Redevelopment Project may be financed directly with such surplus.
Further information regarding the proposed TIF District, the Downtown Redevelopment Project, the Project Plan and the Tax Increment Financing Obligations are on file and available for inspection at the office of the Recorder of the Town of Fayetteville during regular business hours, located at the Town Hall, 125 N. Court Street, Fayetteville, West Virginia 25840.
Dated: April 4, 2024
By: /s/ Zenda Carte Vance
Recorder