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Council authorizes city attorney to draft Phase 2 Preserve TIF subsidy agreement
Summary
Council authorized the city attorney to draft a Phase 2 subsidy agreement and to revise the Phase 1 agreement for the Preserve TIF District, approving the authorization 5-0 and noting developer interest in adding single-floor housing and mixed rentals.
City economic development staff briefed the council on requested changes to the Preserve TIF District and asked the council to authorize drafting a formal subsidy agreement for Phase 2.
Staff described developer requests to add single-floor housing and to replat parcels to accommodate a larger footprint for some units. City staff said the EDA recommended accepting the proposed changes and requested that the city attorney prepare the Phase 2 subsidy agreement and revise the Phase 1 agreement accordingly.
Council moved, seconded and approved authorization for the city attorney to draft the Phase 2 agreement and update the Phase 1 agreement; the motion passed 5-0. Staff said any final agreement will return to council for approval after Planning & Zoning and other required review.
