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Council reviews US‑31 subarea plan tweaks and new Precinium 3 changes, sends details to committees
Summary
The council introduced amendments to the US‑31 subarea plan and discussed substantial revisions to the Precinium 3 development (larger office, more multifamily units, 100% TIF request). Both land‑use and finance committees will review outstanding details before final approvals.
Councilors reviewed an amended US‑31 subarea plan and a revised Precinium 3 development at the April 20 meeting, agreed to several textual edits and directed staff and committees to vet fiscal and design questions before final action.
Councilor Locke summarized the US‑31 subarea plan process, noting extensive community outreach and a set of five final language tweaks proposed for inclusion (adding "consider compatible uses" after "implement effective buffers," inserting a map reference for slide 8, adding a phrase to preserve trees, updating formatting to emphasize corridor residential PUDs and transition area characteristics, and adding exhibit references to slides 24 and 25). Locke moved to amend the plan language and council seconded the motion.
A larger discussion focused on the Precinium 3 project, which staff and the developer presented as having evolved since prior council approval. Henry Mestetsky and developer Tony Burkula described changes including an expanded office building (from about 63,000 to roughly 100,000 square feet), retention of a hotel on the corner, a multifamily component of 154 units, and a reconfigured parking plan with substantial underground parking. The developer said design changes respond to market realities and utility coordination.
Officials said the project team is requesting that 100% of the TIF increment be contributed to the project (the previous split had been 95/5). Councilors raised concerns about reduced retail, parking reductions, and how recent state law (referred to in discussion as Senate Enrolled Act 1) that reduces multifamily assessed values will affect tax increment financing and local revenue. Councilor Taylor and others asked whether incentives or tax breaks would be passed along to tenants; staff said developers typically retain benefits to their margins and that the change in state law reduced the increment the city can capture.
Given the scope of change, councilors agreed to send the Precinium 3 materials to both land‑use and finance committees for further review (scheduling follow‑up committee meetings, with suggested finance committee dates to enable council consideration in May). Councilors asked bond counsel to provide a memo describing how prior bond approvals relate to the present changes and whether additional ordinance votes would be required if bond amounts changed.
No final vote to adopt the revised project plan or to reallocate TIF occurred at the April 20 meeting; councilors emphasized the need for more committee vetting and for clarifications from bond counsel before any final approvals.
