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Committee OKs amendment allowing 33% cost increase and $15,000 county fee for Country Road West TID
Summary
The committee approved Amendment No. 1 to the Country Road West (TID 88) project plan to accommodate higher bid and financing costs—an increase of up to 33% in construction/financing estimates—and to include a $15,000 county administration fee; the TID’s estimated payoff was reported as 2031.
The Legal Finance Committee approved an amendment to the Country Road West tax increment district project plan to address higher-than-expected bids and financing costs and to include a $15,000 county administration fee.
Mike Dugan, finance department TIF planner, told the committee that engineer estimates from 2023 were outpaced by construction bids received in spring, and the amendment would allow up to a 33% increase in construction and financing costs. He said only actual certified receipts would be paid from the TID and that interest costs would be capped at the amount repaid from the increment; finance staff reported the TID, approved in 2023, has an estimated payoff year of 2031.
Dugan also said the TIF Committee recommended the county receive an administration fee of $15,000 to cover staff time spent processing and monitoring the TID. The committee moved to approve the resolution (recorded verbally as “2020Four-sixty2”), the motion was made by Pat and seconded by Bill Evans, and the chair called a voice vote that passed.
The amendment was presented as necessary to keep the project viable given higher bids and financing costs; staff emphasized that only documented, certified costs will be reimbursed from the TID increment.
