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Committee approves 12-year extension of First Street TIF to cover outstanding bond payments
Summary
Staff presented a plan to extend the First Street TIF by 12 years (to Feb. 1937) to cover remaining bond obligations tied to First Street public improvements; committee approved the extension after staff described bond history and joint-review-board support.
Derek Hunt presented a proposal Sept. 15 to extend the First Street Tax Increment Financing (TIF) district by 12 years to cover outstanding bond obligations tied to First Street public improvements. The committee approved the extension by roll call.
Hunt said the TIF was created in February 2002 and that the city issued bonds in 2006 and 2008 totaling nearly $29 million for public improvements related to First Street. Development delayed by the Great Recession reduced incremental revenue in the early years while bond payments…
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