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City adopts amendment to TIF plan to fund agreement with Pendleton Water Supply Corporation
Summary
The Temple City Council approved a first-reading ordinance amendment to the Tax Increment Financing (TIF) Reinvestment Zone No. 1 financing and project plans to fund a five-year payment agreement with Pendleton Water Supply Corporation covering an additional 827 acres of dual certification.
Temple City Council voted 4-0 to approve a first-reading ordinance amending the Tax Increment Financing Reinvestment Zone No. 1 financing and project plans to authorize a five-year payment agreement with Pendleton Water Supply Corporation for an additional 827 acres of dual certification.
The amendment will allow the city to make five equal payments of $420,000 — totaling $2,100,000 — from the TIF reinvestment zone tax increment to Pendleton Water Supply Corporation as consideration for consent to dual certification, city staff said. "As consideration for our consenting to the dual certification, the city shall compensate Pendleton Water Supply Corporation in 5 equal installments as shown on the chart below. $420,000 per year for a total of $2,100,000," City staff member Mister Bilsen said.
The ordinance amends the financing plan for fiscal years 2026 through 2030 and adds funding for a dual certification and service-area agreement covering 827 additional acres within the Pendleton CCN boundary. Bilsen said the payments will be funded from the tax increment of the reinvestment zone and "did not impact any projects within the zone." He also said some payments will come from the fiscal 2026 fund balance and later from general public improvements allocations in fiscal years 2027–2030.
The item was presented during a public hearing and drew no public comments. Mayor Pro Tem Tim Walker moved the item; Council Member Grant seconded. The council voted 4-0 to approve the first reading; a second reading and final approval will be scheduled, staff said.
The amendment affects the city’s TIF financing allocations and permits the city to enter the compensation schedule with Pendleton Water Supply Corporation; staff said the agreement action item will be presented again at the council’s February 20 meeting for the second reading.
