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Committee forwards Riverwalk TIF allocation-area resolution for 291-unit riverfront project
Summary
The committee voted 4-0 to send a resolution that would carve a project-based tax increment financing (TIF) allocation area to support a 291-unit Riverwalk multifamily development and a 398-space structured garage financed with developer-backed bonds.
The Community Investment Committee voted 4-0 to forward a resolution that would amend the River West Development Area and create a project-specific tax increment financing (TIF) allocation area to support the Riverwalk multifamily development.
Caleb Bauer, Executive Director of Community Investment, described the project as a two-building, riverfront multifamily development proposed by JC Hart Company that would deliver 291 market-rate apartment units and a 398-space structured parking garage. Bauer said the private investment minimum is approximately $61.5 million and that the city would support the project with a developer-backed bond paid by the project’s incremental property-tax revenue. "This is an effective tool for…
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