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Council advances Canal Heights TIF creating districts for 283 homes and a 90-acre park; city projects $9 million over 30 years
Summary
Council moved forward with Canal Heights TIF legislation; the plan would create five residential incentive districts corresponding to phasing, support construction of 283 single-family homes and a donated 90-acre park, and is projected to generate about $9 million in city revenue over 30 years; bonds related to the project will follow.
City staff presented ordinance language to create the Canal Heights residential tax-increment finance (TIF) districts at the April 8 work session and asked council to consider waiving a second reading and adopting the ordinance as an emergency to expedite related financing. City staff said the proposal establishes five TIF districts corresponding to five phases of development.
The TIF is intended to facilitate construction of 283 new single-family homes and to accommodate a 90-acre park the developer will donate to the city. Staff projected about $9,000,000 in revenue to the city over the 30-year life of the TIF and said bond legislation connected to the project will follow, likely in May.
Council discussed procedural timing: staff noted that all required notices had been sent and that if council waives the second reading the ordinance could take effect immediately. Several council members favored moving the item quickly; council agreed to waive the second reading and proceed so the project could move forward. Staff also said a public hearing will be on next Monday's agenda although there was discussion that a prior public hearing had already occurred.
Staff will bring the related bond legislation to council in coming weeks for formal action and said the TIF revenue projections and implementation details would be part of those forthcoming materials.
