Greenwood approves TIF loan for road projects

Greenwood will borrow more than $5 million to fund road projects later this year.

Earlier this week, the Greenwood City Council approved giving the Greenwood Redevelopment Commission permission to borrow more than $5 million to help pay for road work.

Projects include the construction of a quarter-mile connector road from Market Plaza to Surina Way, which would replace Machledt Drive that the city plans to remove and replace with a trail for pedestrians and bicyclists, a proposed roundabout at Smith Valley Road and Madison Avenue and a reconstruction and redesign of Emerson Avenue between Main Street and County Line Road. The loan won’t cover the full cost of the projects, which also are being paid for with city funds and federal grants.

The city council approved the loan 6-2, with council members Bruce Armstrong and David Hopper voting against it; Dave Lekse was absent. Armstrong questioned the need to borrow money for the projects, rather than paying cash for them. Hopper said he voted against the loan because any plan to redevelop the downtown area needs to start with demolishing buildings to widen Main Street.

City officials have said the loan is necessary to get an essential list of projects done as soon as possible. The redevelopment commission unanimously approved the loan last month.

Work on the projects is expected to begin later this year. City officials want the projects done now to help promote more development in the area. the improvements made can help attract more development to the area, which includes a large amount of undeveloped land along Emerson Avenue, bringing in more tax dollars for future projects.