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Council approves master agreement with P3 Works for PID/TIRZ feasibility study (6-1)
Summary
Council approved entering a master services agreement with P3 Works LLC to study whether a public improvement district and tax-increment reinvestment zone are feasible for a private property; staff said the study is at no cost to the city and the vote was 6-1.
The council approved a master agreement with P3 Works LLC to analyze feasibility of creating a public improvement district (PID) and a tax increment reinvestment zone (TIRZ) for a private property. City staff (speaker 7) said the arrangement follows a prior professional-services reimbursement payment with Wildcat Realty Advisors (May 13) and that the P3 Works engagement is intended to evaluate whether a PID/TIRZ together would be feasible; staff noted the city incurs no cost for the agreement.
The motion to enter the master services agreement passed 6-1 after brief discussion. City staff characterized the action as a feasibility study to assess development financing mechanisms for the property and said Wildcat Realty Advisors had paid the $30,000 previously agreed to under a reimbursement arrangement.
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