North College housing project not dead yet
“Developers hoping to revive a geothermal housing and commercial project in North Fort Collins haven’t given up hope yet.
Plans for a new 89-unit project stalled when the City Council, acting as the Urban Renewal Authority board, rejected a request to provide $1.27 million in tax assistance after an analysis showed that even with the tax help from the URA the project would only break even.
On Monday, Harvey Yoakum, who’s working with the development team, said “We’re in the process of determining what would be the best for the area,” but declined further comment.
Options could include redesigning the project to make it more financially feasible or going ahead without tax increment financing, or TIF. Tax increment financing is a tool allowed under state urban renewal law. As property values within an urban renewal area increase through redevelopment, tax revenue generated above a base level is used to fund public improvements.”
Ferrier, Pat. The Coloradoan 7 April 2014.