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Council approves $5M PAYGO TIF for 120-unit JT Klein housing project after adding LEED Silver requirement
Summary
Council approved a pay-as-you-go TIF development agreement of just over $5 million for a 120-unit affordable housing project (84-unit senior tax-credit building and a 37-unit family building), and amended the agreement to require LEED Silver certification.
The Stoughton City Council approved a TIF development agreement for JT Klein that will provide pay-as-you-go support of a little more than $5 million to help fund a two-building development containing an 84-unit senior building (tax-credit financed) and a 37-unit family building. City staff said the present-value support for the project is roughly $3.3 million and that the payment structure includes a look-back to adjust the TIF amount based on actual sources and costs.
During debate, several council members asked for clearer sustainability commitments. The council adopted an amendment requiring the developer to obtain LEED Silver certification. Developer representatives said they had already planned sustainability measures and that committing to LEED Silver was acceptable. Kevin O'Donnell of JT Klein said the project included a mix of units across AMI bands from 30% to 80% and that tax credits and other financing sources were in place.
Council members who pressed for stronger sustainability details cautioned that adding new sustainability requirements at the late stage could affect the project budget and timing. Developers urged the council not to reopen negotiations in a way that undermined financing timelines; they said they had obtained tax credits and other commitments and needed the TIF certainty to proceed. After amending the TIF to require LEED Silver certification, the council approved the development agreement by voice vote.
