Council committee previews Liberty Crossing financing: draft cooperative agreement would pair TIF with new community authority to fund $3.47 million of public-­

Council members received an update on financing for the proposed Liberty Crossing development and a draft cooperative agreement that staff and the developer expect to bring to council for consideration at the next meeting. The draft lays out a structure using two revenue streams—city tax increment financing (TIF) and spot-specific community charges levied by a newly formed community authority (NCA)—to support about $3,465,000 in public infrastructure for the site. The matter was discussed in a land use and development committee meeting; council did not take formal action and staff said the cooperative agreement will be on the next agenda for a third reading.

Why it matters: The proposal would allow public infrastructure such as water, sanitary sewer bores, roadwork and turn lanes to be financed from revenues generated at the Liberty Crossing site rather than from the…