Hamilton takes temporary ownership of parcel so Rossville Flats project can get a tax incentive

In a novel legislative move, the City of Hamilton needed to take ownership of a piece of Main Street for a matter of minutes in order to give the Rossville Flats project a tax incentive.

Hamilton City Council approved to temporarily take ownership of 342 Main St., a parcel that’s a part of the Rossville Flats project, so the owners may apply for tax increment financing, or TIF, money, according to Tom Vanderhorst, Hamilton’s executive director of External Services.

The property is one of several in the 300 block between D and E streets owned by Rossville Corner LLC that will be included in the Rossville Flats, a $10 million complex that includes 76 apartments and four street-level retail spaces. It’s being developed by Jim Cohen, who also built The Marcum in downtown Hamilton.

As the project has developed and evolved, the developer requested TIF money as part of the incentive package to aid in the development, which includes multiple properties. However, for the city to establish a TIF for the project, all parcels involved with the TIF need to have been in the city’s ownership at some point, said Vanderhorst, citing the city’s attorney.

There are minimal holding costs associated with accepting the donation of the property as it was immediately passed back to the Rossville Flats project developer, he said.

Rossville Flats will be directly across from the planned Agave & Rye in the former Ritzi Body Shop, and near Hamilton’s Urban Backyard on Main Street.

Rossville Flats is expected to open in April 2023, and two tenants are already planned: Papi Jocho’s Street Dogs & Cantina and Frost Factory, which will make alcoholic and non-alcoholic real-fruit slushies.

About the Author