Title
An Ordinance Approving the Amended and Restated Tax Increment Financing Agreement for the Paragon Star Tax Increment Financing Plan.
(Note: First reading by Council on September 1, 2020. Passed by the unanimous vote.)
Body
Issue/Request:
This ordinance will approve the Amended and Restated TIF Agreement for the Paragon Star TIF Plan as amended by the First Amendment. The Amended and Restated TIF Agreement incorporates the following primary items, as compared to the original TIF Agreement dated October 20, 2016:
· Updates the description of the overall project to match the approve Preliminary Development Plans and other land-use approvals that have been provided by the City, and updates the status of the real estate transaction for the purchase of the City property by Developer based on the 2018 real estate agreement.
· Updates the discussion of certain contract items that were previously agreed to be completed by the parties as of 2016, and which have now actually been completed by the parties. This includes formation of the TDD, the issuance of bonds by the TDD, the approval of land-use applications, and similar completed items for the overall project.
· Updates the TIF Project Budget to match the budget approved in the First Amendment to the TIF Plan.
· Updates the legal description of the Redevelopment Project Area to include the land added on the east side of the area which is north of I-470, which will become part of Project 3.
· Increases the maximum reimbursement for TIF-reimbursable project costs, to match the revised Project Budget as approved in the First Amendment.
· Establishes an adjusted closing date for Developer’s purchase of the City Land.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Amended and Restated Tax Increment Financing Agreement for the Paragon Star Tax Increment Financing Plan.
Background:
The City Council adopted Ordinance No. 7833 on March 10, 2016, designating the Redevelopment A...
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