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City outlines West Falls revenue terms, flags phase‑2 timing and $10 million option
Summary
City staff summarized the West Falls ground‑lease and economic‑development terms that fund a portion of high‑school debt: capitalized payments of $25.5 million, a pre‑negotiated phase‑2 payment of $10 million (or appraised value), and recurring affordable housing and supplemental rent payments beginning in FY2026.
City Manager Wyatt Shields and staff reviewed the West Falls project’s financial terms and timeline, telling the joint meeting that proceeds from the development are a major revenue source for school capital costs. Staff said the ground‑lease capitalized payments total $25.5 million (paid over the life of the agreement) and described a pre‑negotiated phase‑2 closing payment of $10 million (or appraised value, whichever is higher)…
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