FAQs: Frequently Asked Questions
What is the Current Plan?
It includes the following elements regarding TIF, CID, and property conveyance of the city-owned southern Woodside property (Phase II), on the south side of 47th Place:
- South Phase project cost previously estimated at $20,875,000
- Tax Increment Financing (TIF) 20-years began in 2013
- Conveyance of city-owned South Phase property to the developer occurs only after certificate of occupancy of the planned Woodside Club building renovations, and financing structure for Phase II are all in place.
- Reversionary Interests in the property: Should the developer be unable to complete the Phase II project after a certain period of time, the City retains a reversionary interest in the property. The lending institutions would have to work with the City of Westwood in determining the next course of action until the lenders are made whole. Then the property reverts back to the City entirely.
- $22 Million was the original financing “Cap” for the entire Project, of which $11,227,000 was marked for the South Side Phase.
- Woodside Club lease payments increase following construction of the main club building addition.