On Monday evening, Westfield Mayor Andy Cook and city finance leaders introduced a $35 million funding plan to pay for the long-awaited Grand Junction Plaza. The proposed project, in development for more than 10 years, has already been a catalyst for economic growth.
Cook
Restaurants and businesses, including Chiba, Field Brewery, Grand Junction Brewery, Rail, Italian House and Greek’s Pizza are among those locating and investing in downtown Westfield in anticipation of the Plaza. The introduction of this plan is the first step in getting the funding approved by the Westfield City Council.
“The Grand Junction Plaza is critical to the vibrancy of downtown Westfield,” said Cook. “As we look at the city’s future, we know it is essential that we have a ‘heart of the city.’ Grand Park is the centerpiece of the development on the west side of Westfield. The Grand Junction Plaza will be that place where people can connect. It will anchor the east side allowing for a balanced approach to development. The Grand Junction Plaza will be a one-of-a-kind space that will attract people from far and wide a will give our citizen’s a sense of pride.”
There will be no tax increase for residential property taxpayers through the city’s funding plan for the Grand Junction Plaza. The project will be funded with Local Income Tax revenues until that time when revenues from the Tax Increment Finance economic development area will be able to cover costs.
The Grand Junction Plaza was designed by renowned landscape architect David Rubin. The Grand Junction Task Group, a volunteer citizens group, included the Plaza as an integral part of its master plan designed over the last 10 years. The organization was instrumental in the concept development and design of the Grand Junction Plaza. Last October, the City announced the reconstruction of State Road 32, which was a fundamental element of the Task Group’s master plan.
The Westfield City Council is expected to vote on the funding plan later this month. If financing is approved, Plaza construction will begin this summer and be complete in the summer of 2021.