Redevelopment commission extends 80/20 TIF allocation to Prometheus phase 2
The commission voted to extend the existing 80/20 tax-increment allocation to Prometheus Energetics for a proposed phase 2 project; staff estimated the extension could retain about $26 million for the redevelopment commission over 25 years and commissioners approved the motion by voice vote (mover: Scott; second: Joshua).
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Commissioners discussed whether to extend the current 80/20 allocation to a proposed Prometheus phase 2. A staff presenter laid out anticipated scale: the phase 2 proposal would add roughly $250,000,000 in real estate investment and, if the current 80/20 allocation is extended to the phase, the redevelopment commission "would receive, on the order of $26,000,000 total across that 25 years" from the two projects combined.
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