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Annual compliance review: Lofts on track; War Eagle tax guarantee to generate payments in 2026
Summary
City staff reported the Lofts project is on track for substantial completion by Aug. 31 and expects an assessed value of $6.2 million for tax year 2027; War Eagle carries a tax guarantee of $10.8 million by tax year 2026 and will trigger distributions next year.
The RDA received its annual development agreement compliance briefings for two River Point District projects.
"This project obviously is underway and is on track," Julie Emsley said of the Lofts project, and she added that the development must reach substantial completion by Aug. 31 to meet agreement benchmarks. Julie reported the Lofts are expected to have an assessed value of $6,200,000 in tax year 2027, which will begin cash grant payments under the TIF agreement.
Regarding War Eagle, Julie said the tax guarantee for that development is $10,800,000 by tax year 2026 and that the city will begin to see payments to distribute next year under the agreement. Julie noted MSP and Riverside Center remain under review for outstanding compliance items and will be returned to the RDA when finalized.
No action was required; the item was informational.
