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Revitalization Commission <br />Minutes <br />March 9, 2022 <br />Page 4 of 5 <br />Commissioner Williams - yes <br />Motion passes <br />• Discussion/Direction — First Amendment to the Property Tax Increment <br />Rebate Agreement with 712 Main Street LLC and 722 Main street LLC <br />(Terraces on Main Project) <br />Director Pierce explained that the LRC has an existing TIF Agreement with 712 <br />Main Street LLC and 722 Main Street LLC. The structure of this direct financial <br />assistance agreement has a unique structure compared to the more recent <br />cooperation agreements. She noted that Steve Erickson from Boulder Creek <br />Neighborhoods is present and available for questions. The applicant is currently <br />pursuing a PUD extension that was recommended by Planning Commission <br />and will next be considered by City Council. Director Pierce also reviewed the <br />proposed timeline if LRC is willing to consider an amendment to the existing <br />agreement, which would allow the applicant more time to revisit and proceed <br />with a redevelopment project. <br />Councilmember Leh asked what the vote was in Planning Commission related <br />to the extension. Senior Planner Lisa Ritchie said the vote was unanimous. <br />Commissioner Smith asked for explanation of Section B of TIF Agreement. <br />Director Pierce explained the "but for" test that determined a financing gap of <br />$1.1 M and how that would be repaid should the development occur and <br />property valuation increase. Attorney Cotton -Baez affirmed that this is a <br />traditional structure for URA financing. Staff and Commissioners discussed how <br />obligations could be pledged to be paid if the TIF were to expire before all <br />payments were made. <br />Chair Adler and Commissioner Tofte noted they were on the LRC when this <br />agreement was developed. Commissioner Tofte said it was the second largest <br />project next to DELO and LRC felt is it an important project for downtown. He is <br />in favor of extending the agreement. <br />Chair Adler call for public comment. There was none. <br />Chair Alder made motion for staff to proceed with the First Amendment to the <br />Property Tax Increment Rebate Agreement with 712 Main Street LLC and 722 <br />Main Street LLC (Terraces on Main Project), pending Council approval of the <br />PUD extension. Commissioner Tofte seconded. Roll Call vote: <br />Agenda Packet P. 6 <br />