As plans for the downtown redevelopment district start to translate from paper to concrete, one organization looks to be faring better than others - Western Kentucky University.

With the announcement of Ferguson Properties wanting to build a Marriott next to WKU, the area bordering the north side of campus is set to make up nearly a third of the capital investment in the redevelopment district, also known as a Tax Increment Financing district.

“We’re pleased with the progress,” said WKU President Gary Ransdell.

There is promise of TIF revenue, generated by more tax revenue in the district and money about to be borrowed, to help repay the approximately $3.8 million the WKU Foundation has spent to buy the land in the area. Essentially, the development amounts to an expansion of WKU’s campus without too much capital outlay.

“We anticipate that WKU, the WKU Alumni Association, the WKU Foundation and WKU Student Life Foundation will see some financial benefit eventually,” said Ann Mead, vice president for finance and administration at WKU.

Ransdell says that WKU played a major factor in the origins of the TIF.

“The name of the whole TIF, the entire TIF district, is ‘WKU Gateway to Downtown Bowling Green,’ and this is the start,” Ransdell said. “This is the impetus for the entire TIF.”

That impetus includes a 505-space parking garage, from which WKU will eventually lease 400 spaces, a hotel, a WKU alumni center and WKU student housing wrapping the parking garage.

Read the full story at http://bgdailynews.com/articles/2010/07/25/news/news3.txt

Source: Western Kentucky University