Council hears why Hundred and 79th Street corridor developments are exempt from new TIF rates
Staff said earlier developer agreements for the Hundred & 79th Street corridor included upfront payments and rate freezes, so those parcels are not subject to the newly-proposed TIF adjustments; a few projects under those agreements remain outstanding.
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Councilors asked why the updated TIF rates did not apply uniformly to all locations, specifically the Hundred and 79th Street corridor. Susan Poizner explained the county entered development agreements about a decade ago when developers asked to lift urban holding in that area. Under those agreements, developers provided roughly two-thirds of the TIF amount up front and paid the remaining share at permit issuance. "The development agreement freezes those rates that that were in effect at that time for those projects," Poizner said, explaining why the update and inflation adjustment do not change those projects' obligations.
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