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Developers seek up to $12M in pay‑as‑you‑go TIF for 82nd Street mixed‑use project
Summary
29 SC Development Company and legal counsel presented a mixed‑use project at 82nd & Metcalf with underground parking and ground‑floor retail; staff said the developer seeks pay‑as‑you‑go TIF reimbursement of roughly $12 million for site work (underground parking, land acquisition, buried utilities). Committee directed staff to prepare a resolution to schedule a public hearing and to negotiate a redevelopment agreement.
Developers and their attorney presented plans for a mixed‑use, downtown‑oriented project at 8201 Metcalf and asked the committee to advance creation of a redevelopment district and a TIF project plan. Curtis Holland, the project attorney, said the investment into the project is approximately $73 million and that the developer requests roughly $12 million in pay‑as‑you‑go TIF reimbursement allocated to structured parking, land acquisition, burying overhead power lines and other infrastructure. "The reimbursable amount is about 12,000,000," counsel said as he described the sources-and-uses matrix.
Niko (vice president of development) described design features including underground parking, 50 public parking stalls reserved in the structure, ground‑floor retail and townhomes that step down to adjacent single‑family lots. Committee members asked about timing (developers referenced a hard closing in August and an aggressive schedule to secure lender confidence), parking details and attainable‑housing contributions. The committee voted to direct staff to prepare a resolution to schedule a public hearing and to work with the developer on a project plan and redevelopment agreement.
