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Council reviews Transportation Development Tax installment plan for new industrial building
Summary
Finance staff outlined a proposed seven-year Transportation Development Tax installment agreement to let the business at 28925 NW West Union Road finance TDT payments for a 200,000-square-foot industrial project; Stratus Development's president participated via Zoom to answer questions.
Finance Director Bill Reid presented a staff report explaining a proposed Transportation Development Tax (TDT) installment agreement for the property at 28925 NW West Union Road. The agreement would allow the business developing a roughly 200,000-square-foot industrial building to finance its TDT obligation over seven years.
Mike Wells, president of Stratus Development, joined the meeting by Zoom and was available to answer councilors’ questions. Councilors asked brief clarifying questions; the minutes record discussion but no formal vote or final action on the installment agreement at the Sept. 3 meeting.
The minutes do not specify the total TDT amount, detailed repayment terms, or whether the council directed staff to return with a formal ordinance or resolution. Those specifics will need to be provided in future staff reports if the council pursues the installment agreement.
