AGENDA CAPTION:
Title
Receive a Staff presentation and hold a Public Hearing to receive comments for or against Ordinance 2024-26, amending the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 4 - Kissing Tree, to increase reimbursements to the developer by $16,000,000.00 and to add eligible project costs for completing the Centerpoint Road four lane extension, changing the water storage tank to an elevated storage tank, and upgrading a water line; providing authorization to consummate the transactions contemplated by this amendment; including procedural provisions and declaring an effective date; and consider approval of Ordinance 2024-26, on the second of two readings.
Body
Meeting date: June 4, 2024
Department: Finance
Amount & Source of Funding
Funds Required: $16,000,000
Account Number: N/A
Funds Available: Tax Increment Reinvestment Zone #4 - Kissing Tree
Account Name: N/A
Fiscal Note:
Prior Council Action: In 2010, City Council approved Resolution 2010-148, entering into a development agreement with Carma Paso Robles, LLC for a mixed used retail, commercial, and residential development that is now known as Kissing Tree. In 2011 City Council approved Ordinance 2011-68, creating Tax Increment Reinvestment Zone (TIRZ) #4. Also in 2011, City Council approved Resolution 2011-143, entering into a new development agreement with Carma Paso Robles LLC, who was acquired by Brookfield Residential Inc. that authorized reimbursement for public improvements up to $20,000,000. In Sept 2014, Council approved resolution 2014-121 expressing continued support for the project and directing staff to bring back documents necessary to increase reimbursement for eligible public improvements from $20,000,000 to $30,000,000. In December 2020, Council approved Ordinance 2020-86, amending the project plan and reinvestment zone financing plan to include additional projects and increase the maximum amount of tax increment that may...
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