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EDA approves two incentives for Northside Drive industrial project — up to $350,000 synthetic‑TIF and $250,000 building reuse grant
Summary
The EDA approved a synthetic TIF performance payment up to $350,000 (75% of new tax revenues for up to 10 years, contingent on approvals) and a $250,000 building reuse grant as a 1:1 match to support a proposed 72,000 sq. ft. industrial flex building by Southern Development near Airport Road and Lewis and Clark Drive.
The Economic Development Authority voted Jan. 20 to approve two incentives for a proposed industrial project on Northside Drive being advanced by Southern Development Group.
County staff described two actions: a synthetic TIF (tax increment financing) performance agreement that would remit an amount equal to 75% of new tax revenues for up to 10 years, capped at $350,000, contingent on permits, quarterly progress reports and completion of purchase and development by June 30, 2027; and a building reuse grant application funded at the program cap of $250,000 as a 1:1 match to support site and material choices tied to entrance corridor requirements.
"The synthetic TIF performance agreement... would provide a payment to Southern Development, of equal to 75% of the amount paid for a period of up to 10 years, in an amount up to $350,000," county staff said during the presentation. Staff said the funding source would be the economic development investment pool via general fund revenue flows.
Charlie Armstrong, representing Southern Development, described development challenges and costs, saying the estimated cost to extend sewer service to the site through hard rock is about $1,000,000, and noted the project is designed as higher‑quality tilt‑up concrete Class A flex space rather than a basic metal building.
The EDA adopted a resolution approving the development grant agreement (roll call: six ayes recorded) and separately approved the building reuse grant agreement (roll call: six ayes recorded). Staff said the development grant is structured so new tax value generated during the performance period is transferred to the EDA and paid to the owner per the agreement; at the end of the performance period the new value remains in the general fund.
Next steps: staff will finalize the agreements and monitor compliance (quarterly reports) and the county will proceed with required permits and site work. The development agreement requires the owner to complete purchase and development by June 30, 2027 to qualify for the performance payments.
