Title
Hold public hearing and receive comments for or against Ordinance 2020-86, amending the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 4 - Kissing Tree, to increase reimbursement to developer by $10,000,000 and add eligible projects costs for water testing over a 5 year period in the amount not to exceed $265,000; authorizing the City Manager, or his designee, to execute such amendments on behalf of the City; including procedural provisions; and declaring an effective date; and consider approval of Ordinance 2020-86, on the first of two readings.
Body
Meeting date: December 2, 2020
Department: Finance - Melissa Neel, Assistant Director of Finance
Amount & Source of Funding
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Fiscal Note:
Prior Council Action: In 2010 the City of San Marcos entered into a Development Agreement for Paso Robles and subsequently approved the creation of Tax Increment Reinvestment Zone No. 4 to provide for the reimbursement, with tax increment, of project expenses including infrastructure necessary for the development of the project. In Sept 2014, Council approved resolution No. 2014-121 increasing the expenses eligible for reimbursement to the developer, Brookfield Residential (owners of Carma Paso Robles), by an additional $10,000,000 to fund land development work, building homes, golf course, club house, and all other improvements. The Sept 2014 agenda packet is attached to this ARF for reference.
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