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City adopts amendment to TIF plan to fund agreement with Pendleton Water Supply Corporation
Summary
The Temple City Council approved a first-reading ordinance amendment to the Tax Increment Financing (TIF) Reinvestment Zone No. 1 financing and project plans to fund a five-year payment agreement with Pendleton Water Supply Corporation covering an additional 827 acres of dual certification.
Temple City Council voted 4-0 to approve a first-reading ordinance amending the Tax Increment Financing Reinvestment Zone No. 1 financing and project plans to authorize a five-year payment agreement with Pendleton Water Supply Corporation for an additional 827 acres of dual certification.
The amendment will allow the city to make five equal payments of $420,000 — totaling $2,100,000 — from the TIF reinvestment zone tax increment to Pendleton Water Supply…
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