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Washington Terrace RDA unanimously authorizes $1.2 million TIF reimbursement to Southeast for Golden West incentives
Summary
The Washington Terrace Redevelopment Agency on Sept. 2 rescinded a June motion and approved using tax-increment funds from the Southpointe Reinvestment Project Area to reimburse $1.2 million in incentives previously paid to Golden West Credit Union, with staff directed to capture the incremented funds as they arrive.
The Washington Terrace Redevelopment Agency voted unanimously Sept. 2 to rescind a June 3 motion and authorize the use of tax-increment financing from the Southpointe Reinvestment Project Area to reimburse the Southeast Project Area for $1,200,000 in incentives paid to Golden West Credit Union.
The action directs staff and finance to capture future tax increment receipts from the Southpointe area and allocate them over time to reimburse the Southeast Project Area for the incentives, rather than applying the earlier, smaller allocation approved in June. Tom, a staff member presenting the item, told the board the first tax increment payment tied to the agreement arrived in fiscal year 2026 and that the reimbursement will occur as increment is received over multiple years.
The reimbursement follows earlier approvals to support construction incentives for Golden West Credit Union in the Southpointe area. Tom said the agency initially approved $743,000 in June but "determined with counsel" to capture the full $1.2 million previously authorized and to "reimburse the South East Project Area." He described the mechanics as tax increment that will be received into Southpointe and then transferred to the Southeast Project Area as funds come in.
Jill Koford moved to "rescind the previous motion made on 06/03/2025 and authorize the use of tax increment funds from Southpointe Reinvestment Project Area for the reimbursement of the Golden West Credit Union $1,200,000 incentives as described." The motion received a second from Jeff (board member) and passed on a voice vote. Chair Allen stated the vote was unanimous.
Board members asked clarifying questions about the change from the June allocation. One board member thanked Tom for earlier clarification and accepted the explanation that the new action replaces the June motion to align the funding mechanism with legal counsel's advice. Tom acknowledged an earlier error in the paperwork and said the revised motion corrects that record.
The board directed staff to record the rescission of the June 3 motion, to budget for the $1.2 million reimbursement in its finance accounts, and to capture the tax increments from Southpointe as they are received. No amendments to the motion were made and no opposing votes were recorded.
The Redevelopment Agency adjourned after the vote. The board did not set an implementation timetable beyond the statement that reimbursements will occur over time as tax increments are collected, and that the first increment tied to the agreement arrived in FY2026.
