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Council committee reviews F Street development proposal and TIF request for 1405 S. 92nd St.
Summary
Staff presented a proposed $37 million redevelopment at 1405 South 92nd Street by a developer described in the transcript as 'F Street 90 Second LLC,' including a $13.15 million requested TIF over 24 years and a 6% profit‑sharing clause; some figures in the transcript appear inconsistent and are flagged for verification.
City staff presented terms for a redevelopment project at 1405 South 92nd Street proposed by a developer identified in the transcript as 'F Street 90 Second LLC.' Speaker 1, presenting for the Community Development Authority (CDA)/staff, said the developer would purchase the site from the CDA for $860,000, that the CDA previously loaned about $990,000 (to be repaid at closing), and that the developer requested tax increment financing (TIF) of about $13,150,000 spread over roughly 24 years.
Speaker 1 described the project as a $37,000,000 development with an anticipated assessed value near $31,000,000 and projected annual tax revenue "around $600,000." The proposal was said to include two garden‑style buildings (42 units) and a 105‑unit mid‑rise. Staff noted a profit‑sharing clause that would give the city 6 percent of gross profit after investor returns. An outside financial consultant reviewed the deal and, according to staff, found the market analysis and terms acceptable.
Council discussion included confirmation that the project had passed an earlier committee 4–1, that the dissent likely reflected concerns about affordable housing, and an invitation for questions. The transcript contains one unusually large figure for "net value" presented as "$7,000,000,000," which appears inconsistent with other numbers in the record; that figure has been flagged and should be verified with city staff and the CDA before publication.
