TIF board recommends adding 7,000-seat soccer stadium and youth complex to TIF 3; board approves 7-year extension

The Tax Increment Finance No. 3 Board on Jan. 28 recommended adding a proposed professional and youth soccer complex to the TIF 3 project plan and recommended extending the district’s termination date to Dec. 31, 2055. The board approved both recommendations by unanimous voice vote.

Board members were asked to approve language to put the project in the TIF plan so the city can proceed with design and possible bonding if contractual agreements with a private team and developer are finalized. Matt Madden, a city staff member who presented the item, said the project would pair a 7,000-seat professional stadium with adjacent youth and academy fields and supporting infrastructure.

If the project proceeds as presented, the stadium construction budget is $50 million. Madden proposed issuing about $43 million in TIF revenue bonds to help finance the stadium, with the remaining stadium costs covered by city cash and utility funds for related utility work. Youth and recreation…