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Staff briefs TERS board on final TRS No. 5 project and finance plan for Fairfield MUD development
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Summary
City staff briefed the TERS board on the final project and finance plan for TRS No. 5 — a roughly 600-acre Fairfield MUD development — outlining projected taxable value, estimated public-infrastructure costs and the proposed reimbursement structure.
City staff presented the final project plan and finance plan for TRS number 5, the proposed tax increment area covering the Fairfield MUD, and asked the TERS board to review the exhibits that document projected taxable value, eligible public improvements and an estimated timeline for construction and reimbursement.
The staff member said the TRS number 5 area covers about 600 acres and is currently mostly agricultural land owned by Hunt Petroleum. Staff described projected new taxable value of roughly $2.1 billion over the buildout and estimated eligible on-site public improvements at about $339 million and off-site improvements at about $72 million, for a combined public-infrastructure estimate cited in the presentation of about $411 million.
Staff walked the board through the exhibits showing proposed uses (primarily light industrial and distribution), an example first-phase building of about 935,000 square feet and how incremental taxable value feeds the TERS increment (using the city M&O tax rate and the industrial allocation assumptions in the packet). The presenter explained the mechanics of reimbursements tied to the incremental value and said the packet assumes 80% capture for industrial property in the increment calculations.
The staff member also summarized terms of an associated development agreement and TERS agreement the city has negotiated with the developer Hunt Fairfield: a $3.7 million developer contribution, a 40-year project life, and explicit language preventing the city from pledging its own revenues to back municipal utility district (MUD) debt. Staff said the MUD will be the entity that borrows for infrastructure and that the TERS agreement treats payments as contract-only reimbursements rather than a city pledge.
Staff noted operational details included in the packet: design and queuing requirements to avoid on-street truck queuing, infrastructure routing that would create a new arterial to relieve existing roads, and timing considerations for potential school sites within the development if a bond election proceeds. The presenter said the City Council had previously reviewed preliminary versions and that the board would be asked to consider a resolution recommending the final plan to Council at a future meeting.
No formal vote or final adoption of the TRS No. 5 project plan and finance plan was recorded in the transcript; staff asked the board to prepare a recommendation to City Council at a subsequent meeting.
