The Committee of the Whole met on Monday, June 15, 2026, at 5:16 PM in Council Chambers (and via Zoom) to discuss City Goals for 2026–2030 and consider an amendment to the Tax Increment District (TID) No. 24 Development Agreement with Tycore Built LLC. The meeting was adjourned at 6:19 PM. Eight alderpersons were initially present; Alderperson Norell joined at 5:28 PM, bringing the total to nine. Alderpersons Reckelberg and Cummings were absent.
The committee of the whole to order. Roll call. Most of us are here. With the exception of Alder Reckler, Alder Cummings, and is Alderell online. And Alderell is not with us as well. I'm not sure if he's I know he said he's gonna pop on for council. I wasn't sure if he's gonna come on for committee of the whole. Public comments. Is there anybody that wishes to address the committee of the whole this evening? Second call for public comment. Third and final call for public comment. There was no previously received public comment. All right, we'll close public comment. Uh discussion, action items. Um do we want to get through the TID first? That should be we'll let Adam speak. All right, Adam, if you want to run through the 26-0530. Certainly. I did provide a memo that tries to provide an overview, basically, um, as is not entirely uncommon with projects of this scale. Uh during the infrastructure phase, they encountered an unexpected issue. Um at some time I can go into a little more detail on that, but ultimately it costs about $300,000 more than they were initially expecting for the infrastructure costs. Uh the development agreement, the way it was drafted is that the developer is providing the cost of all the infrastructure, and then over time through the TIFF, they are getting a pay as you go. So on an annual basis, uh, once the city pays off our existing bonding and responsibilities, that remaining uh amount of tax dollars of percentage will go back to the developer uh to again pay back that uh infrastructure cost. So basically the request is because of that additional increase of 300,000. That was completely unexpected. Um they're asking that the total potential amount of that incentive be increased from 4.9 million to 5.2 million, which is the 300,000 difference. Um and again, the way the incentive is uh set up, it means that the city pays itself first and then remaining increment goes to them. So there's no impact necessarily to the city cash flow in our ability to pay back the bonding that exists on this particular project. And if for some reason the project underperformed, for example, they would likely never even see this additional funding because the TIFF would close and uh our obligations would still be met. Um so really it's just tacking it on at the end of it. Um I did provide a kind of our best guess pro forma um in the packet as well. Uh that shows on our best guesses on the increment they'll create and our bonding and everything else that the TIFF would be able to handle that and still close out on time. Okay, thank you, Adam. I'll open up to the committee if they have any questions. See none. Your memo seemed sufficient. So I would look for a motion. So moved. Second. To accept. To accept and and the agreement to accept the agreement as written. Yep. And a second. And a second. Discussion on the motion. See none, all those in favor. Aye. And opposed? Okay, I'll get that written up for signatures. Uh next up is 26-0527.