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Committee approves TID 83 amendment to buy land for future fire station and park
Summary
The Legal and Finance Committee approved Amendment No. 1 to TID 83, reallocating increment and approving purchase of three lots (total $1,185,000) to site a future fire station and a city park; staff said the TID is overperforming and an accelerated payoff is now estimated for 2029.
The Legal and Finance Committee voted Nov. 13 to approve Resolution 2024‑075, Amendment No. 1 to the project plan for Tax Increment District (TID) 83, allowing the city to reallocate increment and purchase three lots to support a future fire station and park.
Community Development Director Vicky Fisher said the amendment captures additional increment identified in recent activity and, in cooperation with the developer, would allow the city to purchase three lots east of Elkvale Road between Timmons Boulevard and Missoula Street.
TIF Planner Mike Dugan laid out the financial details: the amendment represents roughly a 35% increase in project cost (about $951,000) and proposes reallocating approximately $835,000 from unused funds. The three lots are priced at $600,000 (Lot 1), $280,000 (Lot 2) and $305,000 (Lot 3) for a total purchase price of $1,185,000; appraisals for the lots were completed in April.
"This TID is overperforming," Dugan said, projecting faster repayment; the district’s payoff horizon was estimated at 2032 but, with the amendment, is now estimated to be paid off by 2029. Dugan summarized an approximate city financing plan that would combine an existing balance (about $711,000) with the reallocated funds and the increased project cost for a proposed total loan in the neighborhood of $2,498,000 at a fixed interest rate (transcript reference to 7% fixed).
Fisher said the purchased lots would be used for a future fire station (Lot 1) and a city park (Lots 2 and 3), with remaining funds (about $584,000) to start park improvements. Committee member Bill Evans praised the TID’s performance and supported approval.
The committee moved to approve Resolution 2024‑075; the motion carried unanimously.
Staff said future steps could include proposing overlapping or expanded TIDs in the first quarter of next year to capture additional future development increment to fund continued park construction and the fire station.
