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Potential apartment project would need annexation and TIF-backed infrastructure, staff say
Summary
Staff reported interest from a developer in a market-rate apartment project spanning parcels partly outside the city; annexation and a TIF-funded bond to build utilities were raised as likely next steps, with a goal of breaking ground next year.
City staff told the meeting on Dec. 9 that a developer is considering a market-rate apartment complex that would span multiple parcels, some of which lie outside city limits and therefore would require annexation before development can proceed.
Speaker 3 described the proposal and said annexation would likely be the first step. "They'd like to have shovels in the ground next year," Speaker 3 said, adding that annexation could take "probably a 3 month ish time frame" to resolve parcel status before development proceeds.
Staff noted that infrastructure needs at the site mean the city will likely need to use tax-increment financing (TIF) or other bonding mechanisms to fund utilities and roadwork. "We will probably need to work through to fund some of that infrastructure...I anticipate it will be a scenario where we will come up with a bond for the utilities on the TIF revenue," Speaker 3 said, and recommended engaging 'Greg' and bond counsel early to prepare financing options.
Speakers cited local market demand as support for the project, noting prior local developments such as 'Whale Ridge' sold out quickly. Staff said they did not require a vote from the group at this preliminary stage but asked for authorization to begin coordination with legal and financial advisors.
No annexation ordinance, TIF plan, bond amount, or formal council vote was recorded in the transcript. Next steps discussed were targeted: staff engagement with bond counsel and beginning the annexation process for the parcels the developer would use.
The meeting did not include details on unit counts, rents, or specific infrastructure cost estimates; those items will be developed if the project advances through annexation and planning review.
