HomeMy WebLinkAboutIV.D - TIF District for Senior Housing
HEDRA MEMORANDUM
To: HEDRA Commissioners
From: Rusty Fifield, Economic Development Coordinator
Date: November 26, 2019
Item: TIF District for Senior Housing
Action Requested
HEDRA requests that the City Council call for a public hearing to be held on Tuesday, February
18, 2020 to consider the proposed establishment of Tax Increment Financing (TIF) District No.
8 and to cause notice of said public hearing to be given as required by law and HEDRA directs
staff to take appropriate steps to prepare a TIF plan and development agreement (Motion).
Background
Real Estate Equities (REE) has submitted an application for tax increment fincning assistance
for the proposed affordabale senior housing project at Schoolhouse Square. REE has paid
$15,000 to establish an escrow that will pay for consulting services related to the establishment
of a TIF District. As we have discussed in the past, the tax increment would be used to achieve
affordable rents.
The action requested simply starts the TIF process. The steps in the process include the
following:
December 5 HEDRA initiates process | Requests City Council set public hearing
December 16 City Council calls for public hearing
December 23 Proposed (draft) TIF Plan completed for distribution to City staff and legal
January 2 Draft TIF plan and fiscal implications sent to County and School District
February 10 Planning Commission makes findings
February 13 HEDRA approves TIF plan
February 18 Hearing Date/City Council approves TIF Plan
Financial Implications
None. Costs paid with funds from Developer held in escrow.