The City authorized The Drumm Farm Redevelopment project in 1999. The project was for the purpose of making improvements of a 320-acre tract of land, which was subdivided to provide for the development of 143 residential lots, a public golf course and certain public improvements. The public improvements portion of the project was completed and the golf course opened in 2002.
The City issued several bonds associated with the improvements that were refunded in 2016 with Series 2016C. The current balance of Series 2016C is $415,000. The cash balance in the Drumm Farm account at the end of March 2021 was $2,044,516.
This ordinance directs staff to take the steps to pay off (defease) the outstanding debt for series 2016C and to terminate the Drumm Farm Tax Increment Financing District. After payment of the bond, remaining funds will be distributed to the various taxing entities based on their share of the incremental taxes collected.