Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council Approves TIF Assistance for Townsend Mixed-Use Development in Downtown Edmond
Summary
The Edmond City Council approved a tax-increment financing (TIF) development agreement providing up to $3.18 million in reimbursements for the 18-townhome mixed-use Townsend project, to be built in three phases with at least $27 million in private investment.
The Edmond City Council on March 10 approved a development finance assistance agreement for the Townsend, a three-phase mixed-use townhouse project in downtown Edmond. The city will provide tax-increment financing (TIF) reimbursements capped at $3,180,000, tied to completion of each phase.
Downtown transformation manager Dana (last name not specified) told the council the project will include five mixed-use buildings in phase one, 12 townhomes in phase two and six townhomes in phase three, with a minimum private investment of $27,000,000. "The total investment from the developer will be, no less than $27,000,000 the project will be constructed in 3 phases," Dana said.
Developer Austin Snell, owner of Building Culture, described the development as an 18-unit for-sale townhome neighborhood with two live-work units and about 10,000 square feet of commercial space, including co-working and micro-retail. "We're moving our offices here, and we believe in the long term trajectory of Downtown Edmond," Snell said.
Under the agreement, TIF assistance is phased: upon completion of phase 1 the cumulative TIF will not exceed a specified cap tied to that phase, then increases upon completion of phases 2 and 3 up to the overall $3,180,000 ceiling. Dana said TIF reimbursements will be paid as refunds of 80% of the incremental property tax paid on the new value after each phase is completed, not to exceed the total cap.
The agreement ties construction timing to milestones: phase 1 must commence either six months after the agreement signature or three months after issuance of a building permit and be completed within 24 months of commencement; phase 2 must begin within six months after phase 1 completion and also allow 24 months for completion; phase 3 will begin six months after phase 2 completion and allow 24 months — a maximum six-year buildout if each maximum interval is used.
Council members voted to approve the item after presentations and a brief question about timing; no dissent was recorded on the council floor.
The developer said market demand will determine pace. "The quicker we build it, the better off we are," Snell said, noting sales and leasing speed will drive construction tempo.
If construction proceeds as outlined, the project will add residential units and commercial space intended to increase downtown foot traffic and sales tax revenue. The agreement requires the developer to meet the stated phase-completion triggers before receiving TIF payments.
