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Committee forwards Metcalf 8036 TIF/CID/EDRB actions to planning commission and council
Summary
Staff recommended forwarding the Metcalf 8036 redevelopment project plan—including a $15.9M property‑tax TIF cap, a 1% CID on retail and EDRB feasibility—to the planning commission and setting public hearings for Sept. 28; the committee unanimously approved forwarding the package.
Staff reviewed the Metcalf 8036 redevelopment project (8036 Metcalf), describing the approved development agreement roadmap and the package before the committee: a 221‑unit multifamily building with about 5,500 square feet of ground‑floor commercial, an estimated project cost of about $88 million, a property‑tax TIF capped at $15,900,000, and a 1% CID on the retail component capped at approximately $375,000. Staff also noted a resolution of intent for EDRB (industrial revenue/bond financing for sales tax exemption on construction materials and labor) and corrected a typographical figure in earlier staff materials (stated project financing number corrected to $35,000,000 where a typo previously indicated $35,000).
Staff recommended forwarding the TIF project plan to the Planning Commission for statutory comprehensive‑plan review, scheduling public hearings for Sept. 28 for both the TIF and CID matters, and recommending council adoption of resolutions of intent for EDRB issuance. Committee member 9 moved the package and the motion carried 5-0; the actions will advance to the full council and planning commission for the next steps.
