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Board acknowledges Founders Lane tax-increment financing; district to be held harmless
Summary
The board acknowledged a tax-increment financing agreement for development on Founders Lane; staff said the district negotiated to be kept whole and may see increased tax revenue and enrollment from the proposed apartment units.
Board members voted April 15 to acknowledge a tax-increment financing (TIF) agreement for development along Founders Lane, a parcel between Walmart and an adjacent strip center.
Staff explained the project will extend Founders Lane, include new apartments and commercial parcels, and that the city and county entered into the TIF arrangement. District representatives said they negotiated language to be held harmless so the district will continue to receive its tax dollars despite the TIF and could gain revenue as the property changes from agricultural CAUV status to taxable development.
Staff estimated the project could include about 294 apartment units and noted residential growth may increase student enrollment; they emphasized the district declined to provide a tax incentive that would reduce district receipts. "We're going to be kept whole in that agreement, so we would receive all the tax dollars for that," staff said during the discussion.
The board approved the acknowledgement by roll-call vote. No formal commitment of district funds was made and the board’s action was an acknowledgement of the interlocal arrangement among developer, city and county.
