Agenda Item Title:
20TI004 - Resolution to create Orchard Meadows Lift Station TID and approve Project Plan
Origination Group:
Planning Commission
Origination Meeting Date:
05/04/2020
Stage 2 Group Name:
Legal & Finance Committee
Stage 2 Meeting Date:
05/27/2020
City Council Hearing Date:
05/18/2020
City Council First Reading Date:
06/01/2020
Petitioner:
Dream Design International, Inc for Yasmeen Dream, LLC
Staff Contact:
Patsy Horton, Long Range Planning Manager
Location:
East and west of Elk Vale Road between E. Highway 44 and the current terminus of East Fairmont Street
Agenda Item Summary:
The proposed tax increment district will provide tax increment funding to design and construct a Rapid Valley Sanitary District lift station and approximately 1,335 feet of 6” force main connecting the lift station to the existing 8” sewer located within Orchard Meadows Subdivision.
The proposed district overlays TID 78 – Unnamed Tributary Drainage Channel. Any increment generated is directed to TID 78 for full repayment of certified expenditures before increment funds are allocated to the proposed tax increment district
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| $807,215 | RVSD Lift Station |
| $50,000 | Professional Fees |
| $40,361 | Contingency costs |
| $361,321 | Financing / Interest (7.0%) |
| $20,000 | Imputed Administrative Fee (interest free) |
| $1,278,896 | Total TIF Financed Expenditures |
Recommendations:
Origination Recommendation Notes:
The TIF Committee determined that the proposal met the intent of the TIF Policy and directed staff to develop the associated Project Plan (as identified in the TIF Policy) for presentation to the Planning Commission for review and approval, and that the City and Developer enter into an agreement with Rapid Valley Sanitary District to ensure that Rapid Valley Sanitary District will provide all on-going maintenance and operation funds until the TIF construction funded lift station has been decommissioned. Planning Commission recommended to approve: 5/7/2020; Legal and Finance Committee recommended to approve: 5/27/2020
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council approved: 6/1/2020