A number of hurdles have been cleared for the Woodside Village project, slated for the east side of Rainbow Blvd. at 47th Place, to get started.
Westwood approved several changes in the development agreement with developer Blair Tanner last week that will allow bonds to be sold and reimbursed through future tax collections, remove performance bond requirements for a contractor and permit Tanner to provide a personal financial guarantee for the project.
The development plan includes both residential and retail components and a renovation of the Woodside Health and Tennis Club. The project anticipates using Tax Increment Financing and Community Improvement District financing. Originally, the financing plan was “pay-as-you-go” which meant the developer would be reimbursed for some costs after the taxes were collected. The new agreement would allow bonds to be sold and the tax collections to pay off the bonds. That relieves the developer from fronting the money.
Tanner did not give a start date for the project, which is now estimated at more than $65 million. Tanner did tell the city council that construction documents are complete and he is waiting a final construction cost from the contractor.
The bond arrangement is still being negotiated. As part of the revisions to the agreement, Tanner will guarantee the north phase of the project by certifying a minimum personal net worth and liquid assets.
The Youthfront building on Rainbow is scheduled for demolition during the first phase of the project.