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Committee advances TIF for 470 Broadway with five‑year cap after heated debate on housing vs. job creation
Summary
After an extended debate about whether a primarily residential mixed‑use project fits the long TIF (tax increment financing) tool, the committee voted to forward the RG LLC proposal for 470 Broadway to the full council with a five‑year TIF amendment and a request for a city‑attorney legal opinion.
The City Council's committee voted to forward a proposed tax increment financing (TIF) agreement for 470 Broadway to the full council with a negotiated amendment: the TIF schedule will be capped at five years (with an agreed front‑loaded benefit schedule) and the full council was asked to obtain a legal opinion from the city attorney before final action.
Planning Director Daniel McCarthy presented a packet that included the draft TIF agreement, 20 pages of plans, and a spreadsheet of past TIF/TIE agreements for comparative context. Developers from RG LLC (manager Maria Alcantara and contractor representative Benny Guzman)…
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