Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council approves amendment to TID 27 to support 63-unit Fox Run apartment building
Summary
Council approved a pay-as-you-go TIF amendment for Fox Run (TID 27) to support a proposed 63-unit apartment building adding roughly $12 million in assessed value, authorizing up to $2,000,000 in assistance and extending the payout period to 2040; the motion passed 13–1.
The Common Council on Tuesday approved an amendment to Tax Incremental District (TID) No. 27 to accommodate a proposed 63-unit multifamily building at the Fox Run site.
Jennifer (city staff) told the council the new building would add a little over $12,000,000 in assessed value and that the amendment would increase the project's PAYGO TIF assistance by $2,000,000. Under PAYGO terms the developer receives incentives only as new value generates tax revenue; the amendment also extends the expected payout date by nine years, from the prior plan’s 2031 horizon to no later than 2040.
Council members debated the trade-offs—Alderperson Lehi framed the change as a way to maximize taxable property in a landlocked city, while others asked for clarification about how previous lot valuations were consolidated in the developer’s pro forma. Staff said the city’s third‑party reviewer (Ehlers) had reviewed pro formas and found the developer’s return was below market even with assistance.
The council approved the amendment, 13–1. The amendment will return to staff for the usual drafting of a revised development agreement and supporting documents; details of the pro forma and Ehlers’ review were referenced during council questions.
