Progession Plan

The project is purposely phased to allow for meeting goals prior to the facility being built. It also provides for the certainty of TIF revenue streams to eliminate risk related to the project's financial viability. Technically, bondholders own the theatre for the length of the TIF. Thereafter it is a choice as to who will own it.


The first plan of action is for the current parking to be removed from the west side of the Kroehler building and moved to the soon-to-be vacated Public Works Building lot. Then, the digging can commence for the underground parking. When that is completed, the condos can be built. They are planned within the medium price range. Although we are currently in a tight real estate market, valid trends suggest a strong future market for housing of this type and location. As each project phase is completed, and funding becomes available through the TIF, then the Omnia Center can be built. The City should have no risk, as the project will only be built after the money is accumulated.

 

Omnia is a "not for profit" entity. The residential and modest commercial facilities are not recipients of any City subsidy or TIF revenues. All land is paid for within the project.