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Council approves $10,000 funding agreement to begin RHID negotiations for Lynn Valley project
Summary
The council approved a funding agreement with Circle H Land Development that requires a $10,000 developer deposit to pay the city's legal costs to negotiate an RHID; developer Roman Hahn said the overall project is roughly $30 million and RHID infrastructure assistance is expected near $6 million to help deliver homes targeted near $350,000.
The council authorized a funding agreement with Circle H Land Development LLC that will let staff and city legal counsel begin negotiations for an RHID tied to the Lynn Valley development. Under the agreement the developer will provide $10,000 to cover the city's legal fees for RHID negotiation and due diligence; council approved the motion and authorized the mayor to execute the agreement.
Developer Roman Hahn described the Lynn Valley proposal as an approximately $30 million project and said that the RHID portion would cover roughly $6 million of public infrastructure costs (pipes, streets, curbs, gutters and storm systems), not home construction. Hahn said the developer expects to use the RHID mechanism to help keep finished-home prices lower—he cited an example target of a $350,000 home—by lowering upfront infrastructure costs for builders.
Council asked procedural questions about quasi-judicial limits on discussion and were advised not to discuss zoning specifics until the project returns to a public hearing at the planning commission and a future council zoning item. The funding agreement allows the city to move forward with legal review and state RHID application work without the city assuming infrastructure costs.
