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AGENDA RECOMMENDATION |
Consent Calendar 5.G.
City Council Regular Meeting
- Meeting Date:
- 05/11/2026
Agenda Item:
Resolution approving terms of up to a $484,005 interfund loan in connection with Tax Increment Financing District No. 47-1.
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
On July 24, 2023, the Council passed a resolution establishing Development District No. 47 and Tax Increment District No. 47-1 for the Axis project, which also authorized the City Manager to enter into a development agreement with the developer. The approved Tax Increment Financing (TIF) plan and development agreement provides for reimbursement to the City for eligible roadway costs associated with the construction of Hiniker Parkway and West River Lane.
As outlined in the agenda materials from July 24, 2023, the City intends to internally fund their portion of the street improvements and reimburse themselves with a portion of TIF revenues during the term of the TIF district. Pursuant to State Statute, an interfund loan resolution must be adopted within 60 days of the earliest transfer, advance, or expenditure of funds. The attached resolution outlines the terms of up to a $484,005 interfund loan at 5% in connection with TIF District No. 47-1.
Construction of Hiniker Parkway is anticipated to begin the week of May 25, 2026. Construction of West River Lane is anticipated to be constructed in 2027. A subsequent interfund loan resolution may be presented to the Council at a later date to adjust the loan amount once project costs for West River Lane are determined.
As outlined in the agenda materials from July 24, 2023, the City intends to internally fund their portion of the street improvements and reimburse themselves with a portion of TIF revenues during the term of the TIF district. Pursuant to State Statute, an interfund loan resolution must be adopted within 60 days of the earliest transfer, advance, or expenditure of funds. The attached resolution outlines the terms of up to a $484,005 interfund loan at 5% in connection with TIF District No. 47-1.
Construction of Hiniker Parkway is anticipated to begin the week of May 25, 2026. Construction of West River Lane is anticipated to be constructed in 2027. A subsequent interfund loan resolution may be presented to the Council at a later date to adjust the loan amount once project costs for West River Lane are determined.