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Mission Crossing TIF wound down early; Wild Oats developer must secure approved tenant by November
Summary
Staff said TIF-eligible costs at the Mission Crossing development were reimbursed earlier than planned and the TIF district was terminated; the Wild Oats property developer still owns the site and must secure a tenant meeting development-agreement terms by November or renegotiate incentives.
Laura updated the council on development agreement follow-up for the Mission Crossing project and said the TIF-eligible costs had been reimbursed earlier than scheduled, allowing the council to terminate the TIF district about eight years ahead of plan. She explained the CID will continue until eligible expenses are reimbursed or until the contractual time limit expires.
On the Wild Oats property specifically, Laura said the developer did not secure the preferred tenant required by the development agreement and that the developer has until November to find a tenant matching the agreement’s narrow description or otherwise renegotiate the incentives. She confirmed the developer is still paying property taxes on the site and that staff have not immediately activated the CID or TIF reimbursements to allow flexibility while the developer works to secure a tenant.
Council asked clarifying questions; staff said they would continue to monitor the developer’s progress and return with updates if the developer seeks to renegotiate incentives or if staff recommend terminating the project plan.
