Council member Dalisandro moved to adopt a resolution supporting tax increment financing assistance for the Adora affordable housing project, according to the council meeting. The same action authorized a letter of intent to purchase between the city and developer JO Companies, a step that sets the terms for the city and developer to move toward a deal on the property.
Council member Dalisandro moved to adopt a resolution supporting tax increment financing assistance for the Adora affordable housing project and to authorize a letter of intent to purchase between the city and JO Companies.
As described at the meeting, Adora is planned as a 52-unit development with 66 underground parking spaces. TIF assistance works by letting the city direct a portion of the increased property tax revenue the new development generates back into the project, typically to help cover costs that make affordable units financially workable for a developer.
The letter of intent to purchase is a preliminary commitment, not a finalized sale, laying out the city's and JO Companies' intent to negotiate a purchase agreement for the site. Further details on financing terms, timeline, and site location were not specified in the portion of the meeting reviewed.