Council agrees on TIF framework with Central Properties, sets $250,000 utility cap
Councilors agreed in principle to a TIF split (80/20) and a $250,000 cap on City utility expenses for the Central Properties & Investments LLC development, and directed staff and the City Attorney to finalize agreement language and obtain an engineer's cost estimate.
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Mayor Mike Mossman introduced a Tax Increment Financing (TIF) framework for a proposed project by Central Properties & Investments LLC, describing an 80/20 split and a $250,000 cap on City contributions toward utility costs. The city's attorney from Jacob & Klein recommended contract language that ties City obligations to defined project milestones so the City is not required to pay costs upfront if the project is not completed.
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