There are some exciting developments regarding a proposal from the owners of Bayshore. It is encouraging to see significant investment, up to $75 Million, to finish modified plans for the property. Work on the north and east ends was never finished by the prior owners. There is a large gap where Sears used to stand, and now most recently Boston Store has closed. The atmosphere of this prominently located North Shore meeting place is not what it used to be.
I am encouraged to see that the outstanding city debt on the existing Tax Incentive Financing (TIF) District would also be paid off by the owners of Bayshore. Rather than the taxes from the TIF district going to pay down the city's debt issue, it would be provided back to the developers to reimburse them for their investment.
The improvements they plan on making still seem to maintain the same mixed use objective, albeit adjusted more towards residential and commercial than retail to align with the times.
More details on their proposal on the Glendale website from the 11/15 CDA meeting: