05:41The establishment of a TIF district in Victoria Ridge emerged as a important topic during the meeting. This financial tool is aimed at supporting the construction of a 162-unit apartment building, which will include 33 affordable units designated for households earning up to 50% of the area median income (AMI). The TIF district’s formation follows a public hearing that extended from the April 28th meeting until this session, allowing for thorough public engagement and examination of community benefits.

Jen Brewington, the Community and Economic Development Director, provided an overview of the project, emphasizing the need for affordable housing within the city. Tammy Amdall from Northland Public Finance elaborated on the TIF mechanism, explaining that it captures increases in property value to foster growth and enhance the tax base, with the proposed district set for a 15-year duration. The expected average annual tax increment revenue of around $380,000 will reimburse up to $3.5 million of project costs. Notably, the city will retain 10% of the increment for administrative expenses, with reimbursement to developers occurring as property taxes are paid.

15:46A key aspect discussed was the transferability of the TIF agreement. It was clarified that the development agreement remains with the original developer unless an assignment is approved by the city council.

18:56Following the TIF discussion, the council unanimously approved three resolutions related to Development District Number One and the TIF plan for District 1-10. These resolutions included modifications to the development program, authorization of an intrafund loan for specific costs, and a contract approval between the city and Victoria South Apartments LLC.

26:17The meeting also focused on the revised concept plan for Downtown West Phase 2. The plan involves expanding the downtown area with new businesses, housing, and amenities, designed to create a cohesive and vibrant community environment. The development will feature mixed-use buildings, residential units, and community spaces, with key design elements aimed at integrating residential density, commercial components, and open spaces.

Carl Brunk from the development team presented the updated concept plan, which incorporates feedback from previous workshops. The plan envisions anchoring restaurants, active plaza spaces, and residential buildings with three to four stories, creating a downtown atmosphere akin to the existing Victoria layout. The proposal emphasizes balancing commercial and residential spaces while aligning with community needs.

Discussion around the Downtown West Phase 2 plan included the potential for multifamily housing, retail spaces, and public amenities such as restrooms and plazas. The proposed development adjacent to Stiger Lake Lane aims to include multiple residential buildings and mixed-use facilities, with an emphasis on providing views of Lake Auburn and surrounding areas. The developers highlighted the importance of financial feasibility and market response in determining the project’s progression.

47:48City Engineer Cara Garin updated the council on public infrastructure developments related to the project. She outlined the progress of the Highway 5 and projects and the construction of Stiger Lake Lane, funded by federal and state contributions. These efforts include the installation of essential utilities and streetscape improvements, complementing the Olivine project and enhancing connectivity within the area.

55:51Garin also addressed stormwater management solutions, confirming the use of underground facilities to maintain aesthetic and regulatory standards. The management of multiple construction projects remains a focus, with efforts to coordinate with utility companies and ensure project timelines align with city goals.