City manager: PID unlikely for small Cardinal Estates project; TIRZ suggested instead
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.
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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.
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