Developer and staff outline financing, scope and risks for Standard project
City staff and the applicant presented a long history of planning for the Standard, the project's program and an economic model that projects long‑term revenue gains under a TIF. The developer cited rising construction costs, drainage and parking needs and said the TIF closes a financing gap.
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Director Ross presented the economic impact plan for the Standard and walked the board through the project's scope, policy thresholds and modeling assumptions. He described the site as a 10‑acre mixed‑use development with roughly 150,000 sq ft of office, 88,000 sq ft of retail, a hotel and a 320‑unit multifamily building, noting the TIF application moved through the Industrial Development Board after a multi‑year review. Ross said the TIF would freeze the base year at 2025 and allocate increment as approved; allocations would begin only after each phase is completed and appraised.
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