The original Contract for Private Development was an estimate based on concept plans and draft construction numbers.  Since that time, several public improvement projects have been completed including 12th Avenue, Shenandoah, Unbridled and several regional storm water projects.  Those costs have come in higher or different that originally projected.  

Also, the overall development plan has changed to be even more mixed use and is now offering more variety of housing including market rate apartments, senior cooperative, senior apartments, market rate townhomes and age restricted market rate rental.  In addition, Greystone has constructed its new headquarters there and is in the process of planning out the remainder of the Southwest Development area.  

Canterbury and the city have been working on an EAW for the proposed Entertainment District and Canterbury is also working on other developments that will replace the barns at the CH83 and 12th Avenue. 

The developments that are either completed, permitted, under construction or in approvals, have substantially increased the revenue available to the TIF.

The new budget (Exhibit C) reflects the actual costs incurred to date for public improvements.  It also reflects the approved acquisition and demolition of the Scott County Workforce Center and the adjacent vacant land.  The largest public improvement change is shifting all of the projected costs for the CH83 improvements out of the city Capital Improvement Fund and into the TIF.  The budget also now reflects the likely costs for CH83 and the county's budgeted amount.

At the suggestion of our consultants, we are including a TIF contingency since construction costs continue to increase at unprecedented levels and we want to ensure that the projects have adequate funding.

The city remains in first position for TIF revenues to ensure that all of our bonds are paid first from any TIF revenues.