Council approves three TIRZ #3 infrastructure agreements tied to the Kids, Inc. sports complex

On April 23, 2024 Councilmember Les Simpson asked that consent items 9.M, 9.N and 9.O, the three TIRZ #3 agreements, be removed for separate consideration; the mayor asked staff to explain them first, and Andrew Freeman presented all three. The minutes then record a motion by Josh Craft, seconded by Don Tipps, "to accept the consent agenda as presented," which passed 5-0, and no separate vote on the three items. ^[1][2]

The three agreements, approved by the TIRZ #3 board on March 28, 2024, provide pro rata annual reimbursement from 100% of available tax increment, with 10% retainage, through 2042: up to $7,570,000 to the AEDC for Premiere Drive and Street D south of Loop 335; up to $4,670,000 to Attebury Elevators, LLC and Rockrose Development, LLC for Tavern Drive, Southgate Drive, Streets A and B and a Loop 335 water main north of the loop; and up to $3,000,000 to the same two companies for the Kids, Inc. sports complex parking lot, for which preliminary estimates ranged from $2.7 million to $4.02 million. The memos say the first payment would come no earlier than June 1, 2025. ^[2]

Reports of the Attebury/Rockrose street and utility agreement amount differ.

Together with the November 2023 Rockrose agreement ($510,297.33), the TIRZ #3 reimbursement agreements approved by April 2024 total $15,750,297.33 in caps, against a plan projection of about $15.3 million in increment over the zone's life. The scenario table in the April 2026 board packet lists the four projects at $15,630,669 and estimates $15,212,501 in total zone revenue through 2042. ^[4][2][5][6]