Committee clears $650,000 tax-increment grant for Westside Commons developer
Economic development staff told the committee that Gorman & Company met development benchmarks (including permanent financing and stabilization), making the project eligible for a $650,000 tax-increment grant payment tied to the 415 South 1st Avenue (Westside Commons) development; the committee approved forwarding the amendment to council.
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Patrick from the City's economic development office told the Finance Committee that developer Gorman and Company had met the contract benchmarks required to receive a tax-increment grant payment tied to the Westside Commons project at 415 South 1st Avenue. Patrick said the developer had obtained permanent financing and met stabilization criteria, including occupancy thresholds.
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