The resolution authorized a cooperation agreement with the city that included parameters for payments in lieu of taxes, as the development will be exempt from property taxes so long as the HATC holds an ownership interest in the project or land, according to agenda documents.
The details
Cascade Homes, LLC. will partner with the HATC on the project. Cascade will pay the annual PILOT, which will be equal to the amount of ad valorem taxes that would have been assessed on the property and gone to the city, beginning 11 years after the project is completed, according to the documents.
The roughly 7.7-acre property is located south of Horseshoe Drive, approximately 480 feet west of S. West Drive, according to the documents. Site plans for the property include 64 residential units.
The next steps for the project include the applicant selecting a general contractor and beginning the permitting process, according to the documents.
How we got here
City Council heard a presentation on the project at its Aug. 7 meeting. A representative of Cascade said at the meeting that the development would consist of single family homes.
The homes will be three- to four-bedroom rentals, he said.
City Council members expressed their interest in the project after the presentation.
What they’re saying
Mayor Christine DeLisle said when tech jobs come to town, they bring employees who earn considerably high wages.
“The people that have been here begin to struggle,” she said. “And we still need to have teachers, we still need to have road crews, we still need to have the very basic jobs that every place has, but the cost of real estate gets so high so quickly.”
DeLisle said she sees the project as something that could be helpful for the city.
“I love these sorts of programs,” she said.
