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Council approves amendment to Reinvestment Zone No. 1 project and finance plan
Summary
After a public hearing with a P3 Works presentation, council approved Ordinance No. 2025-12-18-01 amending the boundaries and finance plan for Reinvestment Zone No.1; staff said the developer cap remains $13.2 million and removed parcels will flow tax revenue directly to the general fund.
Council opened a public hearing on amendments to the Amended and Restated Finance and Project Plan for Reinvestment Zone No. 1. Jordan Sawyer (S10), regional director with P3 Works, explained the proposal to shrink the TIRZ boundary, reiterated that the developer’s capped reimbursement remains $13,200,000 and said removed property would return 100% of taxable value directly to the city’s general fund. Sawyer characterized the study assumptions as conservative (5% growth) and indicated the developer cap would be reached under projected growth around 2043, at which time additional revenue would revert to the city.
After questions from council about tax bill impacts and who represents the developer, council closed the hearing, moved to approve Ordinance No. 2025-12-18-01 and adopted it by voice vote. No member stated an intention to re-open the hearing; staff recorded the ordinance number on the record.
