The Center Wheeling parking garage will likely be getting some major improvements soon.
The purchase of OVMC by for-profit business Alecto has enabled the city to apply for a TIF, or a Tax Increment Financing, bond to make much needed improvements to the garage.
The city will use a $5 million TIF bond to pay for improvements to the city owned structure, and the property taxes that are now being paid by for-profit OVMC will be used to pay that bond off.
There was originally talk of also demolishing the nurse’s residence, but that is no longer part of the plan.
“Once we realized the full cost of the parking garage, the absolute best thing to do was say to the city, ‘That’s alright. Let’s go ahead and focus on the parking garage.’ The nurse’s residence will be taken care of otherwise by Alecto, and it’s just simply the right thing to do,” said Mike Garrison, representing Alecto.
“The only property taxes that will be used for the Tax Increment Financing district are the property taxes that Alecto pays, nobody else. It all gets reinvested into the district. In this particular case, we’ve identified a number of projects that need to be done in the Center Wheeling garage, and this will enable us to pay for it,” said City Manager Robert Herron.
Once the renovations are complete, the city plans to sell the garage to the Ohio Valley Area Development Corp., which will then lease the garage back to the city for $1 a year.