5th Street Corridor Redevelopment Area
City of Washington
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Description
The City of Washington, Missouri is seeking redevelopment proposals from interested developers for the 5th Street Corridor Redevelopment Area, which generally includes parcels along 5th Street from Highway 47 (Franklin Street) to Stafford Street. The City's primary objectives include redeveloping and rehabilitating existing structures to eliminate blighting factors, promoting sustainable and economically feasible redevelopment capable of generating long-term tax revenues, increasing employment opportunities, and enhancing the area with more dining, shopping, and lodging to transform the corridor into a pedestrian-friendly, multi-use area that serves as a predominant entrance to the city's downtown. Each proposal must include the developer's name, address, and contact information; a conceptual site plan; a narrative explaining the project's character; a description of the parcels to be developed; information on current ownership or control of those parcels; a description of any zoning changes needed; a description of the project's impact on the City and other taxing jurisdictions; information on financial feasibility, including a sample budget; and estimates of all sales and property taxes to be generated. Proposals must demonstrate that 'but for' the use of tax increment financing, the project would not be feasible. Proposals will be evaluated based on how well they support the City's objectives and the goals of the Grow Wash MO Comprehensive Plan 2034. The City reserves the right to accept or reject proposals in its sole discretion.
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