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Council sets Nov. 26 public hearing for TIF proposal tied to Sharda Enclave/Lake Aaron Estates
Summary
The council adopted Resolution 26 calling a Nov. 26 public hearing on a proposed modification to the municipal development district and creation of a tax-increment financing (TIF) district for the Sharda Enclave/Lake Aaron Estates development; staff said the developer must meet paving and unit-completion timelines and the county and school district will be notified.
The City Council of Green Isle voted on Oct. 8 to adopt Resolution 26, calling a public hearing for Nov. 26 on a proposed modification to the municipal development district and the creation of a tax-increment financing district for the Lake Aaron / Sharda Enclave development.
Amy, reporting on recent EDA action, said the EDA recommended a development agreement that would combine platting and economic development provisions and would require the developer to pave the new road and meet a completion deadline. Staff said the draft development agreement includes a target to complete 41 housing units by Dec. 31, 2029 (date and unit count shown in EDA materials). The EDA passed a companion resolution recommending the council set the public hearing date; the council approved Resolution 26 and directed the city clerk to publish notice.
Staff said Aers (consultant/engineer) will send the program and plan to the county and the school district; the fire chief flagged questions about access and potential equipment needs (turnarounds, ladder truck). Amy said she will obtain answers from the fire chief and follow up with the developer and consultants. The council did not approve a final development agreement at the Oct. 8 meeting; the public hearing and subsequent council action were set as the next steps.
The councilalso discussed the possible inclusion of escrow or surety language in the development agreement to protect the city if infrastructure is damaged during construction; staff said they will check legal and bonding requirements before finalizing terms.
