ANDERSON – The final funding piece for the planned new bus terminal in downtown Anderson has been approved by the Anderson Redevelopment Commission.
The Redevelopment Commission voted Monday to approve $1.5 million in tax increment financing, or TIF, funds for the $8.3 million project.
The federal government is providing $6.3 million in grant funds for the project with the city of Anderson allocating $750,000 in Community Development Block Grant funds.
Kevin Sulc, president of the Redevelopment Commission, said the TIF revenues will complete the required local matching funds for the construction of the new City of Anderson Transit System terminal.
Mayor Thomas Broderick Jr. said CATS serves a large percentage of low- and moderate-income residents with a need for public transportation.
He said the bus terminal will be a mixed-use facility.
“This is a great project for downtown,” Greg Winkler, executive director of the Anderson Economic Development Department, said. “It will bring people downtown.”
The new terminal is planned for the northeast corner of 13th and Jackson streets.
As proposed, demolition work would start Dec. 1, with the opening of the bus terminal tentatively set for Feb. 15, 2020.
Kevin Montgomery of krM Architecture previously said the plan is to construct a 16,000-square-foot three-story building at the intersection of 13th and Jackson streets.
He said the CATS terminal would be located on the north side of the first floor, with a loading and unloading zone to the east.
The remaining first-floor space and the second and third floors would be available for leasing to developers.
Montgomery said Jackson Street from 14th to 13th streets would be reduced to two lanes with the current right lane modified for parking in front of the proposed terminal.
Thirteenth Street would be closed to traffic from Jackson to Meridian streets, and the alley to the west of Dickmann Town Center would be converted to two-way traffic.
The Redevelopment Commission also approved the consolidation of the city’s four current TIF districts into one district.
Tom Pittman, an attorney with Barnes & Thornburg, said the consolidation will allow the Redevelopment Commission more flexibility when it comes to financing.
He said it also allows TIF revenues to be utilized throughout the consolidated district instead of being designated for specific areas.
The commission also voted to consolidate four bonds in the amount of $36 million into one bond not to exceed that amount.
The new bond will be paid off by Feb. 1, 2030.
Pittman said the refinancing will save the Redevelopment Commission $2 million in interest payments.