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Council committee recommends creating residential TIF for Lincoln and Kennedy Park neighborhoods
Summary
The Community Investment Committee advanced a resolution to amend the River West development area and create a residential tax-increment finance (TIF) subarea to capture taxes on new single-family construction and reinvest them in the Lincoln and Kennedy Park neighborhoods.
The Community Investment Committee voted Aug. 25 to send Bill 25-37 to the full council with a favorable recommendation to amend the River West development plan and establish a residential tax-increment finance area covering parts of the Lincoln and Kennedy Park neighborhoods.
Joseph Molnar, assistant director with Growth and Opportunity, told the committee the residential TIF would allow the city to capture tax increment from new single-family construction in a defined…
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