Agenda Item Title:
Request from James Letner for City Council authorization to allow Tax Increment Financing funds to be used for land acquisition; on-site professional fees for architecture, mechanical/electrical engineering, structural engineering and soils; and on-site Drainage and utility improvements for anticipated East St. Charles Street Affordable Housing TIF application
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
James Letner, Peter Schmid, Eric Braun
Agenda Item Summary:
The City’s Tax Increment District guidelines list several costs that are not permitted to be financed with TIF District dollars unless specifically authorized by City Council. The Petitioners are interested in creating a new TIF District to construct affordable housing on East St. Charles Street. Before they file an application for the new TIF District, they are requesting authorization from City Council to use proposed TIF district funding for costs associated with land acquisition; on-site professional fees for architecture, mechanical/electrical engineering, structural engineering and soils; and on-site and utility improvements.
Funding Source & Fiscal Impact (if applicable):
Origination Recommendation Notes:
Authorize the use of TIF funding for these costs. Deny the request to authorize the use of funds for these costs.