Fiscal Note
The proposed resolution authorizes an amendment to the development agreement with Starkweather, LLC to assist in the development and sale of 13 shovel-ready lots at the former Voit Farm property. The original agreement between Starkweather, LLC and the City, authorized by Common Council in May 2025 via RES-25-00299 (file # 87871), established Starkweather’s responsibilities in construction and delivery of saleable housing lots as well as the City’s level of TIF financial assistance to said housing developers. Additional grading costs and the need to construct a stormwater retention basin adjacent to one of the lots have increased the infrastructure costs. The amendment to this agreement modifies the previously established maximum sales prices and infrastructure cost framework to recognize increases in costs that the Developer has or will incur in the development of the Property to determine whether housing developers require TIF assistance, such that, but for TIF assistance, the project(s) would not occur. The attached Exhibit A reflects the amended maximum sales prices for the lots. Lots 6, 9-10, and 13 will be purchased by the City for landbanking purposes per the original agreement; the sales prices for those lots have not changed from the original agreement.
TID 55 is a mixed-use TID, which allows a maximum of 20 years to collect tax increments to pay for project costs. Future amendments may be required to authorize funding for subsequent projects proposed by developers, including the Community Development Authority or the City, to purchase shovel-ready lots in the Project, through land banking. Future amendments of the TID 55 Project Plan may occur over time, in the event that the TID performs beyond financial expectations and additional TIF assistance is required for future housing development or infrastructure improvements.
No additional appropriation is required with adoption of this resolution.
Title
Amending RES-25-00299 (Legistar #87871)...
Click here for full text