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Commission approves TIF district to help fund Cheyenne Boulevard; estimated project cost $14.9 million
Summary
The commission recommended creation of Tax Increment Finance District No. 5 (Alpha Omega) to fund Cheyenne Boulevard construction; staff said the estimated project cost is $14,900,000 and the TIF could run about 20 years with increment first funding the roadway and related utilities.
The Planning Commission voted Oct. 20 to recommend that the City Council create Tax Increment Finance (TIF) District No. 5, proposed for the Alpha Omega area, to fund construction of Cheyenne Boulevard and associated infrastructure.
Renee Baker, the city’s finance officer, framed the TIF as an infrastructure financing tool rather than a developer reimbursement mechanism. “This TIF is...to fund Cheyenne Boulevard,” Baker said, adding that unlike some earlier TIFs the city has used for developer agreements, none of the increment from this district would go back to a developer; instead it would fund roadway construction and extensions of utilities. Baker also told commissioners the TIF plan lists an estimated project cost of $14,900,000 on page 16 and that the TIF would typically be in place for about 20 years or until project costs are repaid.
Builder adviser Dean Hedrick asked whether the TIF’s ‘Alpha Omega’ name might create a perception that it benefits a particular subdivision or developer; staff said they would consider naming it to reflect the roadway (suggestions included Cheyenne Boulevard TIF) and confirmed the intent is city infrastructure funding. Commissioners approved a motion recommending the TIF district and accompanying developer agreement be forwarded to city council by roll call.
The commission’s recommendation will be forwarded to City Council for final approval; the TIF plan includes project-cost estimates and a draft term (about 20 years).
