Egg Farm Economic Development Area
Economic development area in which developer Reed Bromley is reimbursed for infrastructure from tax increment. A 2013 second amendment set interest at 2.5%; in November 2022 Bromley asked the council to restore 5% for 2002-2013, while staff said remaining EDA capital projects face a shortfall.
- Where it stands
- In review
- Type
- Development agreement
- Applicant
- Reed Bromley
Every hearing and vote
March 15, 2022 · City Council work session
FY2023 capital projects and RDA funds
Discussed
Requested public works capital totaled $5,712,477, including $2.88 million for infrastructure management, $1.776 million for the 700 North connection road and $850,000 for 300 West improvements. Other requests: Fire Station 52 and police range, Fire Station 53 land, a police/courts feasibility study, and building repairs. The Egg Farm EDA has about $1.4 million for 1100 South and possibly 1500 South widening.
November 1, 2022 · City Council work session
Egg Farm Economic Development Area reimbursement interest
Discussed
Reed Bromley, developer of the Egg Farm area, said the 2013 second amendment to his EDA development agreement lowered interest on his reimbursable infrastructure costs from 5% to 2.5% and asked that 5% apply from 2002 to 2013. He cited a Lewis Young Robertson & Burningham schedule line for 'excess funds for agency use.' Bunker said up-front infrastructure consumed early increment, the EDA is capped and remaining capital projects face a shortfall. Councilmember Shelton, on the council in 2013, said the amendment clearly set 2.5% for 2002-2027 and that Bromley had agreed. The mayor said staff would send capital project figures and he would talk with council members individually.
- Developer: Reed Bromley (attorney Dan Van Woerkom present)
- First amendment 2007; second amendment 2013
- Developer receives share of tax increment (75% of available increment cited); 25% held for city improvements