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Far West approves development agreement for Far West Landing, removes retailer name from final text
Summary
Far West City and its CRA approved a participation and development agreement for the Far West Landing project, lowering the tax increment cap after some taxing entities signaled they would not participate and removing a direct reference to the retailer Target from the version the agency will sign.
Far West — The Far West City Council and the city’s Community Reinvestment Agency voted unanimously Oct. 15 to approve a participation and development agreement for the Far West Landing project, with staff directed to replace a direct naming of the retailer Target with a reference to the project plan and to allow the city engineer and city attorney to make minor technical edits to exhibits and road-maintenance language.
City staff presented a redlined version of the agreement that reduced the total property tax increment cap to $5,240,000 from an earlier $9,000,000 and cut the set-aside for housing from $1,100,000 to $540,000 after school-district and county participation became uncertain. Liam, a city staff presenter, told the council the changes reflected recent conversations with taxing entities and recalculations by city consultants.
The change to remove…
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