VERSAILLES — A proposed $29 million development that would include a 65-room hotel, office space and mixed-use space for retail stores and restaurants might become the first tax-increment financing project for Versailles.
On Tuesday, the Versailles City Council scheduled a March 4 public hearing to discuss the project, which would turn the former Versailles Center on U.S. 60 and the U.S. 60 Bypass into a development called The Paddocks of Woodford.
Rubloff Versailles LLC and Rubloff Group Holdings LP are requesting $9.7 million in TIF funds to pay for infrastructure improvements. Under the TIF arrangement, the money would be repaid with new tax money generated by the development.
The improvements include $1.7 million for demolition, $1.7 million for sewer and water line expansions and utility line relocations, $2.7 million for internal roads, sidewalks and parking lots, and $200,000 for three detention basins.
Versailles Center was once the home of the Versailles Flea Mall and Antique Center. The council approved the rezoning for The Paddocks of Woodford in 2008.
If the council approves the financing, the plan would then go to the state for approval. Rubloff expects to complete the first phase of the project in 2011.