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Nordic Valley CRA participation agreement advances to CRA for vote; funds directed to infrastructure district
Summary
County staff presented a participation agreement that would allow CRA funds to help pay bonds for the Nordic Valley Public Infrastructure District; staff emphasized funds go to public infrastructure, not the developer, and said the CRA will consider the agreement at its meeting tomorrow at 9:45 a.m.
County staff presented the final participation agreement for the Nordic Valley Community Reinvestment Area (CRA), describing it as the last step in the CRA process and explaining how CRA funding will be used to support the Nordic Valley Public Infrastructure District (PID).
Stephanie Russell explained the agreement enables the CRA to provide funding arranged earlier to the PID to help retire bonds tied to public infrastructure and the Nordic Valley project-area renovation. "This allows the CRA to provide the funding that was arranged earlier to go to the PID to help pay off their bonds," Russell said, adding the agreement is structured so that funding goes to the public infrastructure district and not directly to the developer.
She told commissioners that the community-reinvestment agency will meet tomorrow at 9:45 a.m., when the participation agreement and an accompanying resolution will appear on the CRA agenda for action.
Commissioners raised no substantive objections in the hearing; staff said the agreement and accompanying resolution will be before the CRA at the stated time and that county counsel and project attorneys have reviewed the documents.
Ending: The participation agreement and resolution will be presented to the CRA at its meeting tomorrow at 9:45 a.m. for a vote; the commission did not take action at this meeting.
