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Council approves TIF deal and maintenance agreement for Sixth Street development
Summary
The City approved a tax increment financing (TIF) development agreement and a maintenance agreement with 6 Street Development LLC, including reimbursement terms tied to SDSU Foundation improvements and ongoing maintenance responsibilities for certain on‑street features.
The Brookings City Council on May 20 approved a tax increment financing development agreement with 6 Street Development LLC and a separate maintenance agreement addressing long‑term responsibilities for project improvements.
The TIF agreement outlines the financing mechanism that will reimburse the developer and related parties for eligible public improvements over the life of the TIF district. Mike Struck, community development director, said TIF approval follows the three‑step TIF process: district creation, project plan approval and the financing agreement that specifies obligations and reimbursements.
SDSU involvement: Struck told council there is a separate agreement between 6 Street Development LLC and the SDSU Foundation for certain median enhancements along Campanile Avenue. "There is an agreement between the development company and the SDSU Foundation," Struck said, explaining the foundation will pay for those specific improvements and be reimbursed over time under the project arrangements.
Maintenance agreement: The related maintenance agreement, authorized by resolution 25-049, sets responsibilities in perpetuity for boulevard parking, alley parking and a mid‑block crosswalk on Campanile Avenue, and the city clerk will record the agreement with property deeds. Public Works Director John Thompson confirmed the developer must install an enhanced mid‑block crosswalk, and "if in the future we ever want to enhance it further, it would be on the city," while initial installation and upkeep obligations are set in the maintenance agreement.
Votes: The council approved the TIF agreement and the maintenance agreement on roll call votes. For the TIF agreement, the roll call included Hager, Neimeyer, Specker, Tilton Byrne, Wendell, Avery and Doran and the motion passed. The maintenance agreement passed on a subsequent roll call with an affirmative vote.
