The rebirth of Gateway Commons

Keith Lawrence had the story in this morning’s Messenger-Inquirer about the rebirth of Gateway Commons – the mega development district proposed for Kentucky 54 last year that ended up not passing muster with the state.

Gulfstream Enterprises, which proposed partnering with the city on the proposed TIF district last year, has revised the plans and removed the arena and convention center from the development since revenue from state taxes won’t be available to developers under tax increment financing.

The redesigned, $250 million center at Kentucky 54 and the U.S. 60 bypass will include a hotel, cinema and nearly 1 million square feet of retail. Gulfstream and its president, Matt Hayden, are hoping to break ground on the development next year, and are looking to the city of Owensboro for some help.

Gulfstream would like the city to extend the term of an annexation agreement for the property, which is currently in the county, to 20 years from the typical five.

That would allow the developers to use local tax revenue – property, occupational and net profits – from the development over a 20-year period to offset the cost of building public infrastructure items, such as streets, sidewalks, greenspace and drainage systems.

Below is a look at what Gulfstream is proposing for the 250-acre site –

Gateway Commons plans from Gulfstream Enterprises

Gateway Commons plans from Gulfstream Enterprises

And just for old time’s sake, here are the plans for last year’s proposed Gateway Commons tax increment financing district.

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