Developer cites soil, utility overruns and seeks extra TIF to secure financing
Staff relayed developer-revised estimates showing about $650,000 in soil corrections and roughly $1.5M in total increased site costs; the developer is asking that an extended TIF close an NPV gap of about $650,000 to make the project financeable.
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City planning staff told commissioners the developer’s revised pro forma includes roughly $650,000 in previously unanticipated soil correction costs and increases in utility installation and earthwork that together amount to about $1.5 million above the original concept. Staff said these revisions explain why the developer is requesting additional tax increment financing available under a 26-year district rather than the previously modeled 20-year term.
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