Title
An Ordinance Approving the First Amendment to the Paragon Star Increment Financing Plan.
(Note: First reading by Council on September 1, 2020. Passed by the unanimous vote.)
Body
Issue/Request:
Approval of the First Amendment to the Paragon Star TIF Plan.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the First Amendment to the Paragon Star Increment Financing Plan.
Key Issues:
The Developer has submitted a proposed First Amendment to the Paragon Star Tax Increment Financing Plan to (1) update the TIF Plan to reflect the scope of development set forth on the Preliminary Development Plans that have been approved by the City Council, and (2) facilitate a revenue bond financing for the Sports Complex portion of the project and the other TIF-reimbursable costs of the project.
The portions of the TIF Plan which are changed by the First Amendment are summarized as follows:
• Redevelopment Area and Project 3 Area - Approximately 23.9 acres of land at the intersection of I-470, Pryor Road and Quarry Park Road are proposed to be added to the Redevelopment Area and the Project 3 Area. Developer indicates that the parcels to be added will become a part of the overall development plan/strategy associated with Star Excavation's Land Reclamation project. Developer reports that it has reached a tacit agreement regarding acquisition of this land.
• Site Plan (Exhibit 3) and Development Schedule (Exhibit 5) - These exhibits are updated to match the approved Preliminary Development Plans and current scheduling.
• Cost Benefit Analysis - This is updated to show the increased benefit to the taxing districts from the updated project information. The $60 million “revenue sharing” mechanism, summarized above on page 1, is maintained in the First Amendment and is projected by Developer to be an increased benefit to the taxing districts.
• The Project Budget (Exhibit 7) - The Budget is updated to reflect the new reimbursable amounts fr...
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