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Staff: $110 million in preliminary airport-area projects, $157 million tax-growth projection; feasibility study needed
Summary
Economic development staff told council an initial $110 million project list tied to the Caldwell Executive Airport could, in staff estimates, generate about $157 million of tax revenue over time and that a feasibility study is needed to refine assumptions and statutory eligibility.
Dan Torres, the city's economic development director (introduced by staff), presented the financial side of a proposed urban renewal district for the Caldwell Executive Airport. He told the council the initial project list—drawn from the airport capital improvement plan and the Caldwell area transportation plan—amounts to about $110,000,000.
"The initial list is about a $110,000,000 worth of projects," Torres said. He added that the list was built from projects scoring 70 or above in the master plan and that priorities will be refined with airport-board and stakeholder input.
Torres also shared a preliminary projection for tax growth within the proposed district. "We project that there'll be $157,000,000 in tax revenue generated within this district," he said, and asked the council to fund a feasibility study to refine both the project list and the tax-increment estimates.
Several numeric details in the transcript are garbled: staff referenced a base assessed value but the figure in the record is unclear. The feasibility study, which staff suggested could be handled by JUB (which currently holds a retainer with the airport), will be needed to clarify baseline values, timing assumptions and which projects meet the statutory public-benefit standard for urban renewal funding.
