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River Project Phase 2 and housing incentives outlined; staff estimates $160,000 per phase
Summary
Staff said River Project Phase 2 would cost about $160,000 (part of three phases). Windorf Construction has finished four homes; incentives structure pays $10,000 per home after five homes, with staff projecting five homes in 2027 (roughly $40,000 incentive that year).
Planner/staff (S10) briefed council on Tax Increment District (TID) development items tied to River Project Phase 2 and housing incentives.
S10 said Phase 2 was budgeted at $160,000 and that total programing contemplates three phases. He explained that Windorf Construction has completed four homes so far and that the incentive structure pays $10,000 per home after five—staff estimated five homes in 2027, which would cost the city about $40,000 in incentives that year. S10 walked through the time it takes for increment capture to return the incentive (an example $400,000 home at $21 per $1,000 generates about $8,000 in increments; staff said it takes roughly 15 months to reach the $10,000 threshold per home).
Why it matters: the TID-funded development and incentives are intended to spur housing construction but require upfront commitments; councilors questioned pacing and projections and staff noted uncertainty about exact units to be completed each year.
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