Laserfiche WebLink
5. Tax Increment Financing (for qualifying projects in the Commercial/Industrial District) <br />Recommendation: <br />The Public Works Committee recommends that the City Council approve this framework, clarifying that the <br />remaining delta in costs of approximately $118,000 be split evenly between the City, Pearson Properties and <br />Capstone Homes. The spreadsheet has been updated to reflect the direction of the Public Works Committee. <br />While Capstone Homes and Pearson Properties understand the approach, both have expressed concern with <br />contributing cost to the project for frontage outside of their property. While Staff generally agrees, funding is not <br />currently available for this gap. If the Developers want to move forward with the intent to begin construction in <br />2021, this scenario is currently the most feasible. Staff will continue to explore additional funding options. Action <br />tonight does not commit any party to the project. <br />Action: <br />Motion to adopt Resolution #20-065 approving Cost Share Framework for Riverdale Drive. <br />Attachments <br />Riverstone South Concept Plan <br />Riverdale Drive Concept Plan <br />Cost Share Framework <br />Capstone Memo <br />Pearson Properties Memo <br />Resolution #20-065 <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 03/19/2020 04:18 PM <br />Form Started By: Tim Gladhill Started On: 03/18/2020 04:56 PM <br />Final Approval Date: 03/19/2020 <br />