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Ci ty of <br />Pequot <br />La.l�es � _ <br />AGENDA ITEM #10.02 <br />REPORT TO <br />CITY COUNCIL <br />Report Prepared by: Sandy Peine, City Clerk <br />Date: May 6, 2014 <br />Subiect: Trailside Estates - TIF <br />Report: Staff has received several inquiries on the <br />Trailside Estates development. The question that was asked <br />is whether the City Council would be open to a TIF project. <br />There has been no development proposal presented to the <br />Staff so far. We have been informed that if the Council is <br />open to granting TIF, it would be for a Housing District <br />which requires providing housing opportunities for persons <br />and families of low to moderate income. The maximum <br />duration of a TIF district of this type is 25 years. <br />I believe the City would like to see this area developed. <br />However, regarding the TIF request, the City has granted a <br />subsidy of $164,563 for the Trailside Estates Development <br />through the forgiveness of WAC/SAC fees. Of that amount, <br />$39,200 has been used, leaving a balance of $125,363. <br />