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Council and RDA receive detailed briefing on Cottonwood Mall urban renewal area and tax-increment commitments
Summary
Staff briefed the council and RDA on the Cottonwood Mall urban renewal project area, outlining tax-increment financing basics, base-year and caps, developer obligations under the agreement to develop land (ADL), and the commitment of 100 affordable housing units at 80% AMI (50 developer-responsible; 50 city-facilitated). Staff said residential minimums may be met but office and retail thresholds are not, so no increment has flowed to the developer yet.
City and RDA staff delivered an extended briefing on the Cottonwood Mall urban renewal project area, tax-increment financing (TIF) mechanics and the Agreement to Develop Land (ADL) that governs how increment is collected and distributed.
Staff explained that TIF captures the increased property- and point-of-sale sales-tax revenue generated by development inside a project area above a base year. For the Cottonwood Mall area, the base-year property value cited in the ADL was approximately $31 million, and multiple caps and commitments were established when the project-area agreements were negotiated. The ADL committed 75% of property-tax increment from…
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