City Council Extends TIF District for Potential Future Projects
The Oakdale city council approved the extension Tuesday night.
The Oakdale city council approved a request to extend the tax increment financing plan for the Echo Ridge Senior Living facility.
The TIF District 1-6 plan was implented approximately 12 years ago and is made up of a 100-unit senior rental housing facility at 1033 Gershwin Avenue.
The request before the council Tuesday night asked to extend the term of the TIF district by an additional 11 years. TIF districts have a maximum of 25 years.
The first TIF obligation was paid in full, which is why staff recommended the council extend the district for future housing projects, said Bob Streetar, community development director.
"This provides flexibilty for the council in the future, similar to what the city is doing at Tartain Crossing," Streetar said.
The original TIF district budget was for $2.1 million and the modification has now increased the budget by $1.38 million. To date, the district has generated $1.3 million in increment financing, according to a Washington County staff report.