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Council approves TIF-14 development agreement with PKH Holdings including land sale and incentive grant
Summary
The Common Council voted to approve a developer agreement for TIF-14 with PKH Holdings LLC that includes the sale of 60 acres (nominal $1 sale), a $250,000 infrastructure grant paid in two phases (77%/23% if built in phases), and a minimum property valuation guarantee of $15 million for the initial phase.
The Common Council on Oct. 20 approved a development agreement for Tax Increment Financing District 14 with PKH Holdings LLC that includes land-sale and incentive provisions intended to spur a manufacturing or industrial facility.
City staff described the agreement as a tool to support site development and infrastructure. Key provisions discussed included a…
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