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Council approves revised Far West Landing CRA plan and backs PID letter of intent with reduced public investment
Summary
Far West City Council approved ordinance 2026‑05 to adopt a revised Far West Landing CRA plan that reduces public investment from $23.4M to $11.647M, removes property tax TIF participation, keeps a $7M sales‑tax increment cap and approved a PID letter of intent to help fund infrastructure.
The Far West City Council voted March 4 to adopt ordinance 2026‑05, approving revisions to the Far West Landing Community Reinvestment Area (CRA) project‑area plan and later approved a related Public Infrastructure District (PID) letter of intent.
Staff summarized key revisions to the CRA plan: the transportation funding request allocated to the developer was cut from $5,427,000 to $3,770,205; proposed property‑tax increment participation of $10,100,000 was removed entirely; Far West’s impact‑fee reimbursement waiver of $877,000 remains, and a $7,000,000 sales‑tax increment participation from the city is unchanged. Overall, the revisions reduce total public investment from a previously requested $23,400,000 to approximately $11,647,205.
Council and staff also described an amended sales‑tax distribution schedule for the CRA participation agreement: under the revised schedule the city expects to receive approximately $350,000 in sales tax during years 1–5 (previously zero) and an estimated additional $400,000 in sales tax revenue in the first 10 years — roughly $800,000 projected to the city over the first decade under the amended distribution. Councilmembers said those upfront sales‑tax shares were part of concessions made to secure private cost participation on upfront infrastructure.
Separately the council discussed and approved a PID letter of intent for the Far West Landing development. Staff said the PID is intended to help finance public infrastructure for the project; changes discussed include lowering the proposed levy from a 6‑mil to a 5‑mil rate to align with county policy and to reduce overall burdens. Staff and the developer acknowledged that some items listed in the PID attachment (attachment B) — for example a pool or pool deck — may not be appropriate as public infrastructure and can be removed in the governing documents; the LOI itself is not binding and the final governing document will define allowable uses.
Council approved ordinance 2026‑05 and the PID letter of intent; the CRA action and the PID LOI were approved by roll call or voice votes as recorded in the meeting.
