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Council presses staff on housing‑fund deadlines and when new developments will boost revenues
Summary
Councilasked when housing funds must be spent (staff: roughly 3–5 years; another staffer said four frequent practice is three years), whether new apartment property‑taxs were factored in and when the Palomino development would start producing tax revenue; staff said apartment revenues were not yet factored and Palomino tax bumps would likely occur in 2028–2030.
Councilmembers questioned staff about the timeline for spending the city’s housing fund and whether recent or pending development projects were included in revenue projections. Staff said housing funds generally need to be expended within about three to five years and that the city is meeting with its housing consultant to determine best use under statutory constraints.
On the Palomino project, a staff speaker said the first building is constructed and ready for tenant improvements and that property‑tax increases are likely when tenants and full development phases come online — estimated in a 2028–2030 timeframe for the property‑tax bump. A councilmember asked whether the budget projections included property‑tax increases from new apartments; staff replied that those revenues had not yet been incorporated into current estimates.
Council asked HDL (sales‑tax consultant) to include near‑term scenario projections that reflect projects in development so the council can understand medium‑term revenue prospects. Staff agreed such projections are possible but emphasized they are estimates dependent on final valuations and tenant activity.
