District request TIF district delay
The start of construction on the Deer Valley Subdivision will have to wait at least another month.
At a special meeting June 13, the Eudora City Council passed a resolution to extend the period so that USD 491 or Douglas County Commission would have more time to consider the tax increment financing district the Eudora City Council created last month.
Originally, the board and county commission had until June 28 to determine if they wanted to participate in the TIF district. That has now been pushed back to July 26.
"The school district wanted a little more information from the developer of the TIF district," Eudora City Administrator Cheryl Beatty said.
The extended protest period would give developers Wilson and Hoover, LLC one more month to finalize their project plans.
After the protest period ends, the project plan will have to gain the approval of both the Eudora City Council and the Eudora Planning Commission before any construction could begin.
Wilson and Hoover are in charge of developing the Deer Valley subdivision, which is projected to have commercial elements that would use TIF funds.
The TIF district, if accepted by the board, will be in an area north and south of 10th Street and east and west of East 2300 Road.
The district includes all of Intech Business Park, the subdivision and 30 acres on the northeast side of 1400 Road.
The district freezes the area within it at a current assessed value. The city would make needed infrastructure improvements to the area through a bond issue.
The bond would be paid for by taxes generated within the district in excess of the district's first-year valuation.
Superintendent Marty Kobza explained the situation to the board Thursday.
"They're putting together numbers to do the TIF in a way that would have less of an impact directly on the school district," Kobza said.
The developers are trying to fix their plans to minimize any revenue loss for the district in its assessed valuation, Kobza said.
The discussion so far has been very friendly, Kobza said.
Keeping a steadily rising assessed evaluation will be important for the district because it looks to bond $45 million worth of improvements in the fall should a Nov. 6 referendum pass.
Board member Kenny Massey urged the other board members to learn more about the TIF district and its implications.
"There's a lot of information out there," Massey said.
The council voted unanimously to push back the protest petition period.
The district will come back before the district at its July meeting.