Title
Public Hearing and Action on the creation of Tax Increment District #8.
Body
Summary:
P.E.M. Affordable Housing LLC, is requesting approval of the creation of Tax Increment District #8 for the development of affordable workforce residential lots.
Background:
The use of Tax Increment Financing (TIF) to fund public improvements within a Tax Increment District (TID) has become a popular financing mechanism to stimulate private sector development. Many communities throughout the state have utilized TIF to pay for extending roads, sewer, water, storm sewer and other infrastructure into undeveloped areas to expedite development. Tax Increment Financing utilizes the future growth in property taxes (increment) to fund the improvements. The base, or property tax generated before the district is created, continues to be paid to the taxing entities.
P.E.M. Affordable Housing LLC, is requesting the establishment of a Tax Increment District within an 80 acre area of the Timberline Addition. P.E.M. is proposing to extend water, sewer, streets, storm sewer and associated drainage facilities to accommodate the development of 42 affordable workforce residential lots on the western edge of the Timberline Addition.
The legal boundaries of the proposed district are as follows:
S ½ NW ¼ in Section 34-110-50 and abutting West 16th Avenue rights-of-way.
The City Council reviewed and approved the TIF Pre-application at the July 10th City Council meeting. The developer submitted the full application for review by the TIF Review Team. The TIF Review Team recommended increasing the number of affordable residential lots to 42, up 10 lots from originally proposed by the Developer.
The Planning Commission recommended 8-0 to approve the Tax Increment District #8 boundaries.
Recommendation
Recommendation:
Staff recommends approval.
Body2
Attachments:
Resolution
Planning Commission Minutes
PC Resolution Declaring Boundaries
District Boundary
Project Map