Council adopts TIF 13 project plan for developer-driven affordable-housing project

The council approved a resolution adopting the TIF 13 project plan, a developer‑driven, pay‑as‑you‑go tax increment financing package intended to support an affordable‑housing development near Elm and Alumni Streets.

Quinn Reimers of Collier Securities (S13), the municipal advisor representing the developer, walked the council through the plan: estimated project costs were presented at approximately $7.2 million (site work plus buildings), with a conservative building valuation assumption of about $800,000 per building. Reimers described the TIF structure as developer‑driven with the city acting as a pass-through conduit, noting "this TIF is a developer TIF ... the city has no liability. All the debt goes to the developer if any."

Reimers said projected total TIF‑eligible expenses aligned with Department of Revenue preliminary classification and the plan assumed a TIF maximum near $1.1 million to $1.105 million and annual projected increment once stable was estimated in the tens of thousands. Council members pressed on what "80% AMI" meant for rents and whether the valuation assumptions were realistic; Reimers and the developer noted conservative assumptions and reliance on comparable projects and assessor data.

The council voted to adopt the project plan by voice vote. Staff noted that a new state statute requires an independent third‑party review of TIF numbers; the city included a third‑party review (Meyer Henry law firm) in the packet and posted it on the city's website.

What comes next: the project will proceed through state review steps and any developer financing; the council's adoption of the project plan is an enabling step rather than a direct appropriation of city funds because it is a developer TIF with pay‑as‑you‑go repayment structure.