Committee adopts amendment to Driftless Apartments development agreement

The Finance & Personnel Committee unanimously approved an amendment to the development agreement for the Driftless Apartments and Townhomes in the Riverpointe District.

Julie Emsley said the amendments arose from an annual compliance review and that the changes correct the minimum assessed value guarantee date, clarify how land is treated as increment, and address treatment of a deficiency pilot. She told the committee the changes were negotiated collaboratively with the developer and had received unanimous recommendation from the ECDC. Councilmember Janssen moved to adopt and the committee approved the amendment without further discussion.

Staff said the city will continue regular compliance checks against timelines and financial increments and that mechanisms exist to return to the council if requirements are not met.