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County told city proposes converting TIF to 15‑year pilot and injecting $6.5M to finish Beacon project
Summary
County staff reported the Beacon mixed‑use development team changed after EPIC's bankruptcy; the city proposes terminating the 25‑year TIF, returning increment to taxing entities, and adopting a 15‑year, 80% pilot plus a $6.5 million injection to complete the project; the county must participate if the pilot proceeds.
Tom Ford briefed commissioners on the Beacon project update. He said the county originally participated in a 25‑year, 80% TIF financing arrangement (2021) but EPIC company’s Chapter 11 bankruptcy changed the development structure. City leadership proposes terminating the existing TIF, releasing collected increment back to taxing entities, and replacing the mechanism with a 15‑year, 80% PILOT and supplemental $6.5 million in project funding to finish the development.
Ford said community contractors and Dakota Commercial are now working to complete the project and that estimated completed value is between $37 million and $40 million. He advised that the county, as a signatory to the original TIF agreement, would need to review any new PILOT agreement and participate in combined taxing entity discussions; staff noted a combined meeting for taxing entities scheduled for July 23 and a city final public hearing planned for Sept. 28.
Ending: County staff will monitor city proceedings and participate in the combined taxing‑entity meeting; no county action was taken May 19.
