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City manager: PID unlikely for small Cardinal Estates project; TIRZ suggested instead
Summary
Staff told council that Public Improvement District financing typically requires about 100 lots and is not viable for small projects like Cardinal Estates; City Manager Elizabeth Borstad recommended adding the project to the city's TIRZ list and said the issue will return for further discussion.
City Manager Elizabeth Borstad briefed the work session on Oct. 23 on Public Improvement Districts (PIDs) as a possible tool to fund infrastructure, telling council that small developments like Cardinal Estates are unlikely to qualify because PIDs generally require larger numbers of lots (around 100) to be financially feasible.
As an alternative, Borstad recommended adding Cardinal Estates to the city's Tax Increment Reinvestment Zone (TIRZ) project list, which she said would be a more appropriate mechanism for smaller developments. She indicated the item would be brought back to council for further discussion.
No PID formation, assessment or ordinance action occurred during the work session; the discussion was informational and aimed at identifying appropriate funding tools for future projects.
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