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Commission designates TIF 38 to support a multi‑phase industrial campus by Schutz
Summary
The commission approved boundary designation and a project plan for TIF 38, an industrial TIF that would finance sewer, water and road improvements for a proposed Schutz manufacturing campus including an initial 348,000‑square‑foot building; estimated project plan cost is about $8.2 million.
The City Plan Commission recommended the creation of Tax Incremental Financing District 38 to serve a proposed multi‑phase industrial campus by Schutz, with staff estimating roughly $2 million for sewer and water, $6 million for roads and about $8.2 million total project plan costs.
Staff said Schutz would build in phases starting with a 348,000‑square‑foot building and follow‑on buildings of about 300,000 and 200,000 square feet. Staff noted the project plan has been reviewed by bond counsel and the city’s financial consultant and that creating the TIF would keep the city below its 12% equalized value cap.
Commissioners said the industrial user would bring “real jobs” and supported forwarding the plan to council and the TIF joint review board for final approval. The item will return to council for final action and then to the joint review board.
