Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into a Tax Increment Financing Agreement with Vista Village, Inc. (the “Developer”) providing for the reimbursement of acquisition, soft costs, and construction-related costs for the Askins Road extension and Vista Village development. Ordinance No. 3120-2016 created the Brice Road TIF and declared that 100% of the increased value of non-residential improvements to certain parcels of real property located within the Brice Road TIF to be a public purpose and exempt from taxation for a period of 30 years. Ordinance No. 1651-2024 determined that satisfactory provision had been made for the public improvements benefiting the Brice Road TIF parcels in order to allow the Brice Road TIF non-school service payments be used in support of offsite urban redevelopment for certain improvements, which include, but are not limited to, (i) the acquisition of real estate in aid of industry, commerce, distribution, research or residential purposes, (ii) construction and extension of roads together with all appurtenances, and (iii) on-going administrative expenses related to soft costs. The Developer acquired 111 parcels of real property, and as a part of phase one construction on the site, the Developer has constructed transitional tiny homes consisting of 41 residential units, a 4,000 square foot community center, and a +/- 2.29-acre urban green space. The City also required the Developer to resurface and extend Askins Road within the site. Approval is requested for reimbursement of acquisition, soft costs, and construction related expenses including, but not limited to, those incurred prior to the execution of the purchase order, starting January 1, 2021.
Emergency Justification: An emergency exists in the usual daily operation of the Department of Development to immediately allow for the execution of the Tax Increment Financing Agreement prior to the end of the year to l...
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