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Council approves engagement with Spear Financial to explore residential TIF for Stone Ridge
Summary
Atkins City Council authorized work with Spear Financial to draft a residential tax-increment financing (TIF) proposal for 17 Stone Ridge lots, seeking up to $656,000 in rebates over 10 years and setting a tight schedule to meet a Dec. 1 certification deadline under state requirements.
The Atkins City Council voted Aug. 13 to engage Spear Financial to prepare documents and analysis for a proposed residential tax-increment financing (TIF) rebate of up to $656,000 over 10 years to support infrastructure for 17 lots in the Stone Ridge development.
Sandy, city staff, outlined the proposal and said Spear Financial’s consultant had recommended a rebate-only TIF so the developer bears upfront risk and the city pays eligible infrastructure invoices only after taxes are generated. Sandy said state law requires a low- and moderate-income (LMI) set-aside for residential TIFs and that the city would place any LMI funds in a restricted reserve to be programmed later, likely with assistance from a regional organization such as ECG (referred to as “ecog” in the packet).
Sandy described a tentative schedule: staff would engage bond counsel and Spear Financial now to prepare an urban renewal plan and developer agreement, set a public hearing on or about Sept. 10, and complete further public hearings and approvals in October so the city can certify the TIF to the state by Dec. 1 if desired. The council approved the engagement letter and the timeline to proceed in concept; no TIF agreement or urban renewal plan was approved that night.
Council members asked how residential TIFs had been used previously in Atkins; staff said the city had used TIF for commercial projects previously but this would be the first residential TIF the city would pursue. Members discussed how the LMI set-aside could be used to benefit existing residents and emphasized that council approval would be required for any use of those funds.
The council’s vote authorized Spear Financial to proceed with specialized analysis and drafting; the next steps include public hearings and a potential future council vote on an urban renewal plan and developer agreement.
