Council approves Metcalf 'Canvas' mixed-use project with TIF and CID assistance

Staff presented the Canvas project at 8036 Metcalf: a mixed-use development on just under 3 acres with just over 200 multifamily units (project paperwork references 221 units), about 5,600 square feet of retail and wrapped/underground parking with negotiated public parking spaces. Todd LaSala summarized the financing structure: the total project cost is roughly $88.8 million, the proposed TIF cap is $15.9 million (about 17.5% of project cost), the TIF would run 20 years and operate on a pay-as-you-go basis, and a 1% CID is contemplated on the small retail component (with small CID/TIF caps anticipated).

After staff questions and answers about eligible increment, public sidewalks, sanitary sewer work and how CID applies (including to online purchases at property retail), Councilmember Newland moved to pass the ordinance for the TIF and the CID; both motions received a second and passed on unanimous roll calls. Staff also recommended EDRB approvals to exempt sales tax on construction materials (not a tax abatement). "It is purely pay as you go TIF," one staff member said during the presentation to emphasize the reimbursement structure.