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Council hears first reading of TIF for Bridge Park J Block; staff estimates $74.9 million in service payments over 30 years
Summary
Staff introduced ordinance 46‑25 to create two tax increment financing (TIF) incentive districts for the Bridge Park J Block project (office, two residential buildings and a parking garage). Staff estimated about $74.9 million in service payment revenue over 30 years and a potential $21 million excess return to the city over the TIF term.
City staff presented ordinance 46‑25 on Oct. 20, which would authorize two tax increment financing (TIF) incentive districts and related provisions for the Bridge Park J Block development.
Finance staff described the project as a multi‑building development that includes 109,000 square feet of office space, two condominium residential buildings constructed in different phases, and a 508‑space parking garage. The developer has a separate economic development agreement that includes…
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