Finance committee recommends tax-stabilization for proposed 137-unit project at 125 Avenue

A developer representative explained to the finance committee that a proposed 137‑unit residential project at 125 Avenue seeks a 15‑year tax‑stabilization agreement, with an expected final value of about $15 million. The representative said the stabilization program helps projects secure both construction and permanent financing and cited five previously completed projects, three of which were not tax-stabilized and two that were.

Committee members asked how the program has performed and whether the reduced early-year tax receipts ultimately return more revenue once projects are leased and operating. The developer and staff said the program often produces greater first‑year tax receipts than the property previously generated and helps accelerate development in areas near transit and commercial nodes.

Committee member questions focused on the number of completed and in-progress projects under the program, the specific length of stabilization terms for smaller parcels, and whether administrative approvals covered lower-dollar projects. Staff said some smaller projects are handled administratively.

With no outstanding objections from committee members, the finance committee moved and approved a recommendation in favor of the tax‑stabilization agreement; the committee roll call was recorded 3–0. The matter will proceed to the full council as required by ordinance.