Title
Public Hearing and Action on Resolution 18-070, a Resolution Tax Increment District #8 Project Plan.
Body
Summary:
Adoption of a project plan detailing the proposed improvements, associated costs, and the plan for financing the improvements.
Background:
P.E.M. Affordable Housing LLC, and the City of Brookings are proposing the creation of Tax Increment District #8 to construct public improvements for the development of 42 affordable workforce residential lots in the Timberline Addition. State law (SDCL 11-9-13) requires the Planning Commission adopt a project plan for each tax increment district and submit the plan to the governing body. The plan must contain specific information as stated in SDCL Chapter 11.
Tax Increment District #8 is a pay-as-you-go TIF, whereby the developer and City are responsible for fronting the costs of the public improvements and will be reimbursed through tax increment as it is generated. The project involves the construction of water, sanitary sewer, and storm sewers mains, streets (portion of Summit Pass, Brighton Road, Crested Butte Circle, Silverton Circle, a portion of Steamboat Trail, and West 16th Avenue), associated drainage improvements, and site grading. The Developer will be responsible for those improvements identified as public improvements benefitting the proposed development of 42 affordable workforce residential lots. The City will be responsible for the West 16th Avenue street construction and associated drainage improvements.
The total eligible reimbursed project costs associated with the TIF is $3,500,000 of which the Developer is eligible to receive up to but not exceeding $1,125,000. The remaining $2,375,000 is eligible reimbursed costs to the City for the West 16th Avenue street construction costs and associated drainage improvements, etc. Actual reimbursed amounts will be determined based upon bid amounts, pay requests, and any change orders, however, the total TIF eligible expenses shall not exceed the $3,500,000.
The TIF Review Team discussed the project plan. The Development Review Team reviewed the project plan and agree with the proposed infrastructure improvements.
The Planning Commission recommends on an 8-0 vote, approval of the TIF #8 Project Plan.
Recommendation
Recommendation:
Staff recommends approval.
Body2
Attachments:
Resolution 18
Planning Commission Minutes
TID #8 Project Plan