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Council schedules public hearing for Hoth Flats development agreement for 24-unit project
Summary
Council marked a public hearing to consider a proposed development agreement and tax-increment incentive for Hoth Flats LLC, a 24‑unit housing project proposed to receive a 10‑year, 75% TIF rebate capped at $450,000 and completion by June 30, 2026 per the draft agreement.
City staff told the council that the next step in a previously approved urban revitalization process for the Hoth Flats site is to set a public hearing to consider a development agreement with Hoth Flats LLC.
According to staff, the proposed project would create 24 housing units and the development agreement being drafted would pair that project with a 10-year tax-increment finance (TIF) incentive: a 75% rebate of captured increment with a maximum rebate of $450,000. The draft agreement includes a developer completion deadline of June 30, 2026.
Staff characterized the item as “marked for discussion” to give council members an opportunity to ask clarifying questions before the public hearing. No council vote on the development agreement occurred at the Feb. 18 work session; staff said the public hearing is the next formal step in the approval sequence.
Ending Councilmembers asked about approximate construction timing; staff replied the development agreement requires completion by June 30, 2026. Staff will bring the agreement forward for public hearing and subsequent council action following required public-notice steps.
