Title
An Ordinance Approving the Document Titled Termination of TIF Contract For The Summit Place Tax Increment Financing Project.
(Note: First read by Council on November 2, 2021. Passed by unanimous vote.)
Body
Issue/Request:
Request to terminate the TIF Contract for the property that was planned to become the Summit Place development project.
Key Issues:
Termination of the incentives that were previously approved for the Summit Place project, including removal of the Summit Place property from the TIF and CID incentive districts.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Document Titled Termination of TIF Contract For The Summit Place Tax Increment Financing Project
Background:
The Summit Fair Tax Increment Financing Plan (the “TIF Plan”) was originally approved on August 24, 2006 for the Summit Fair shopping center project. The City Council approved the Amended and Restated TIF Plan (the “TIF Plan”) on April 17, 2008 The Redevelopment Area of the TIF Plan was expanded on May 14, 2014 to include the property located to the northeast of the Summit Fair shopping center to include the property north of Ward Road that was planned for a project called “Summit Place.” Summit Place was originally planned to include a Cabella’s store and a Sam’s Club store, along with other retail and commercial uses.
The City executed the Tax Increment Financing Contract with RED LSE, LLC on August 7, 2014 (“TIF Contract”). The TIF Contract includes certain land use restrictions that limit development of the property, including a list of restricted land uses and a prohibition against selling the property to a non-profit entity. TIF revenue collections for the Summit Place project area was activated on July 21, 2016.
The Summit Fair CID was also expanded on May 15, 2014 to include property in the Summit Place project. Today, the CID and the TIF Plan are active over the Summit Place property, even though the Summit Place project ...
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