Agenda Item Title:
18TI003 - Resolution to reallocate Project Plan Costs for TID #65 Revision #1
Origination Group:
Planning Commission
Origination Meeting Date:
11/21/2018
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
12/12/2018
City Council Hearing Date:
12/03/2018
City Council First Reading Date:
12/17/2018
Petitioner:
KTM Design Solutions, Inc for SSST, LLC and Zandstra Real Estate Holdings
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
South and west of Elks Country Estates and east of Elk Vale Road
Agenda Item Summary:
The Project Plan, approved on September 4, 2007, was created to assist in the development of property adjacent to Plum Creek and Elks Country Estates by extending Minnesota Street along the southern boundary of Plum Creek and Elks Country Estates from Elk Vale Road to east of Jolly Lane. TIF funds were identified for the extension of Minnesota Street, grading, storm sewer, underground utilities, a traffic signal, a regional drainage facility and an irrigation pipe. The City Council approved a Project Plan for TID #74 on August 13, 2013, identifying funds to complete the eastern most 2700 feet of Minnesota Street along with relocating the power line, associated engineering costs and financing.
Both Developer I and II are requesting a cost reallocation to adjust the funding proposal approved in 2007 to coincide with costs submitted for the associated project plan line items.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Funding Source & Fiscal Impact Notes:
Tax increment funds generated by the increase in tax valuation
Recommendations:
Origination Recommendation Action:
Approve with Stipulations
Origination Recommendation Notes:
Planning Commission recommended to approve: 11/21/2018; Legal and Finance Committee recommended to approve: 12/12/2018
City Council Recommendation Action:
Approve with Stipulations
City Council Recommendation Notes:
City Council approved: 12/17/2018