The city also plans to spend $16 million on improvements to the Franklin Avenue boardwalk at Baylor Law School at 1114 S. University Parks. Cain said the work could be divided into phases.
Catalyst Urban Development will develop corner land at Clay Avenue and University Parks Drive in what city staff envisions restaurants, retail space, offices and multi-family housing, including 100 housing units, at least 3 of which will be set aside for an affordable housing pilot program to which the city will commit $30,000.
“If it works well…(developers) are ready to expand,” Cain said.
At Tuesday’s meeting, the TIF board recommended awarding $34 million to Baylor University for public improvements around the basketball pavilion, $4.9 million to Catalyst Urban Development to build the 165-space parking lot and multi-family housing and $34 million to the City of Waco to pay for downtown quiet areas, river walk improvements, larger parking garage and traffic improvements and roads at Clay Avenue and University Parks Drive.
Also on Tuesday, the city council voted to extend the life of TIF Zone No. 1, which covers much of downtown Waco on both shores, by 30 years. It will remain in place until 2052. The Waco Independent School District, the largest contributor of tax revenue to the area, will leave at the end of this year.