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City staff outlines proposed TIF District 5 to fund Cheyenne Boulevard improvements
Summary
City Administrator Doug Curry described a proposed Tax Increment Financing District No. 5 to capture incremental property-tax revenue in the Alpha Omega subdivision to finance Cheyenne Boulevard construction, with any remaining funds earmarked for Westgate Road; staff said additional hearings will be published and the matter will return to council.
City Administrator Doug Curry presented the proposal to form Tax Increment Financing District No. 5, saying it "initiates a new revenue stream to help fund construction of Cheyenne Boulevard, extending the improvements" and that the district would capture increased property tax revenues generated by development in the Alpha Omega subdivision. Curry said revenues would be applied to roadway construction, utility extensions and related infrastructure, and that any remaining funds after Cheyenne Boulevard work could be used for Westgate Road.
Curry noted the planning commission held a prior hearing on Oct. 28 with no public comment; staff identified a procedural issue in the packet review and said additional properly noticed public hearings will be scheduled in November before the council considers the TIF for approval. Council did not receive public comment during this meeting's hearing.
