Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee backs two TIF‑assisted workforce housing projects in Walkers Point
Summary
The committee recommended creation of two single‑parcel TIDs to support Newland Enterprises projects in Walkers Point: Via Apartments (82 workforce units, up to $3.8M TIF) and Forma Apartments (65 workforce units). Terms include a clawback above a 17% return, cost‑sharing for underruns, and RPP/SBE participation requirements.
The Development Committee on March 20 recommended adoption of two tax‑increment financing (TIF) project plans to support workforce housing in Walkers Point, advancing Newland Enterprises’ proposals for 1000 S. 5th St (Via Apartments) and 412 S. 4th St (Forma Apartments).
Larry Kilmer of the Department of City Development said the Via project represents a total investment of about $23.68 million with a proposed TIF assistance up to $3,802,000. Kilmer described standard construction cost‑savings sharing, a clawback that triggers on a developer return above 17%, and a “safety‑valve” clause…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
