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Council backs Hickory Hollow residential TIF plan; advisors estimate $425,000/year increment and $2.8M bonds
Summary
Council approved a resolution enabling a residential TIF and potential TIF‑backed developer bonds for the Hickory Hollow area; advisors estimated roughly $425,000 per year in tax increment at full build‑out, with 75% pledged to bonds (about $2.8 million) and a 20‑year repayment cap.
The Common Council on July 15 approved Resolution 2026‑17 after municipal financial advisor Greg Balsano and bond counsel Tom Everett described a financing structure for the Hickory Hollow residential allocation area north of 61st Ave. and west of Arizona St.
Balsano said the residential TIF is estimated to generate approximately $425,000 in tax increment per year at full build‑out; the proposal would pledge 75% of that increment toward developer‑purchased obligation bonds and leave roughly 25% (about $105,000) for the Redevelopment Commission. He described developer‑purchased bonds with a 20‑year cap and said if revenue exceeds estimates the bonds could be paid earlier; conversely, if revenues fall short the developer would be responsible for repayment beyond the pledged increment.
Director of Development Marcos Rodriquez told the council that, if approved, bonds would close in August and the developer is targeting a fall construction start. Council approved the resolution and related first‑reading ordinances (2026‑22 and 2026‑23) by recorded votes (6‑0).
