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Morrow County approves Chester Crossing developer agreement with $10 million TIF cap
Summary
Morrow County commissioners approved a phased developer agreement for the Chester Crossing tax-increment financing (TIF) district, setting a $10 million reimbursement cap and requiring prevailing wages and county engineering approval on roads and public works.
Morrow County commissioners on Nov. 5 approved a developer agreement for the Chester Crossing (formerly “Colorado's Edge”) tax-increment financing district that sets a reimbursement ceiling of up to $10,000,000 while keeping county oversight over engineering standards and wage requirements.
The agreement, presented by Jamie of the county development authority, lays out phased infrastructure work the developer may build and seek reimbursement for from TIF revenues. Jamie said the TIF was first triggered in 2021 with the first payment payable in 2022 and that the TIF account currently holds roughly $8,000.
The board's action follows a detailed presentation of the agreement's core provisions: developers must pay prevailing wage on public-works items; reimbursements are subject to county review and a 60-day follow-up process; contractor selection will require multiple bids; and reimbursements are processed using forms tied to Exhibits C and D. Exhibit A maps Chester Crossing parcels (an additional parcel formerly occupied by a chicken check was added); Exhibit B narrows allowable projects to what the ORC permits; Exhibit D provides an estimated public-works cost schedule created in 2019 (the original total estimate on that schedule was $12,800,000).
Jamie described the $10,000,000 figure as a cap rather than a guarantee: “All we're gonna seek in this offer agreement is up to $10,000,000 cap,” he said, and he noted the TIF cannot pay more than the revenue it actually generates. He explained that if the TIF only generates, for example, $8,000, that would be the practical maximum of available reimbursements.
The commissioners moved to approve the agreement, the motion was seconded and carried on roll call. The resolution and full developer agreement will be filed as part of the county record; a short-copy version of the agreement will be signed by county staff identified in the presentation.
Next steps: county staff will administer the reimbursement-submission process (Exhibit C), review prevailing-wage compliance and administer exhibitive accounting before any funds are released.
