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Developer proposes to deliver 100 affordable units at Cottonwood Mall in exchange for RDA/TIF funding; council probes guarantee and termination option
Summary
A developer offered to commit 100 units at or below 80% AMI in Block D of the Cottonwood Mall redevelopment in exchange for $2.5 million of RDA/TIF support and an assignment of 20% of project increment; council members questioned the size of the guarantee, the administration of annual compliance, and a proposed termination-and-repayment option after seven years.
The council heard a lengthy developer presentation on a proposal tying the city's remaining Cottonwood Mall affordable-housing obligation (100 units) to an incentive package of RDA and TIF funding.
Staff summarized the situation: the Cottonwood Mall urban area renewal project, created in 2008, included a 100-unit affordable-housing commitment at or below 80% AMI. By agreement the developer had received 50 of those units; the remaining 50 are the city's responsibility. Staff reported roughly $800,000 of increment has been collected since 2020, and the developer is proposing to commit all…
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