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Five proposed site‑specific TIF projects would add hundreds of rental units; developers pledge affordability and local hiring
Summary
City staff presented five developer proposals that would be eligible for site‑specific TIF assistance if Burra and council approve: two Century area projects, Red/Bridal Ridge, Viridian and a Platform (former Les Schwab) site. Staff described per‑project cost, unit counts, affordability commitments and anticipated local economic impacts.
At the March 10 work session, staff outlined five site‑specific developments that have applied for tax increment financing assistance and said each already has land‑use or pre‑application review.
Jonathan Taylor summarized the proposals and the affordability and local‑hire commitments developers offered to qualify for enhanced TIF support. He said the city will require development agreements tying rebates to annual certification of those commitments and warned that failure to certify could trigger loss of the rebate or a clawback.
Projects described by staff included:
- Century Project 1 (near Mount Bachelor Drive): staff listed total project cost of about $60 million, an average proposed market rent of $2,400 and a developer commitment to dedicate 20% of units at 90% area median income (AMI) for 30 years, with the reduced‑rent average cited as $1,700. The application said the developer would aim to use 61% local contractors and pursue Energy Star certification.
- Century Project 2 (across the street): described as a…
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