The Washington City Council approved an amendment to their Urban Renewal Plan during their recent meeting.
The amendment is for two infrastructure projects for the NLW phase two subdivision and sewer boring in the MSJ subdivision. Both projects are expected to occur sometime between now and 2025, with the estimated cost to be paid with tax increment of $800,000 for NLW and $250,000 for MSJ. Addition to the Urban Renewal Area allows the property to be eligible for tax increment financing for the city’s objective of promoting new housing and residential development. The city expects to consider a development agreement with the MSJ developer for the construction of about 41 housing units. The city would make annual grant payments to the developer in the amount of 100% of TIF generated by construction of the housing units remaining after any low to moderate income assistance obligations have been satisfied for up to 15 fiscal years. This is not to exceed $910,000 or the actual costs incurred by the developer in constructing the public infrastructure improvements.