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Sheldon council approves minimum assessment agreement for Trilogy project, sets $375,000 baseline
Summary
Council approved a minimum assessment agreement for the Trilogy development with a $375,000 baseline assessment that becomes effective Jan. 1, 2029; staff said actual assessments could be higher after construction and sale.
Sheldon City Council approved an updated minimum assessment agreement for the Trilogy housing project that establishes a baseline minimum assessment of $375,000, effective Jan. 1, 2029.
City staff explained the $375,000 figure is the minimum and said the final assessment is likely to be higher once construction is complete and sales prices are set. Staff told the council the developer expects to start construction by spring 2027 at the latest, and the agreement gives the developer a multi-year window to complete construction before the baseline applies.
A council motion to approve the updated minimum-assessment agreement passed by roll call. Council members asked clarifying questions about timelines and the three-year execution window before assessments take effect; staff confirmed construction covenants in the Trilogy agreement provide for a two-year completion timeframe per the covenants, although the minimum assessment in the approved agreement becomes effective in 2029.
