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Council approves developer agreements for sewer and water in new TID; staff presents TID performance overview
Summary
Council approved two developer agreements tied to new Tax Increment District (TID) 17 for Continental Properties to install sewer and water infrastructure; staff also provided an extensive overview of the city's TID portfolio, values and status of several districts.
The Common Council on July 21 approved two development agreements with Continental Properties for infrastructure work in Tax Increment District Number 17 and received a comprehensive presentation on the performance and status of the city's tax increment financing districts.
City staff described the first agreement as a standard subdivision-style contract under which Continental Properties will construct sewer and water to city specifications, inspected and accepted as public infrastructure. The council approved the agreement by voice vote. The second agreement is a reimbursement arrangement: Continental will front the infrastructure cost and be reimbursed over time from the TID increment created by the new development. Council approved that agreement as well.
When asked how the reimbursement will be paid, Chad (staff) said the…
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