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Council agrees to forward TIF transfer request for three apartment buildings to Monday council meeting
Summary
Herzog Property Management requested the city allow transfer of three housing TIF notes to a new owner as part of a purchase; the committee voted to move the request to the full council after discussion about affordability protections for 21 units tied to the TIF.
The Committee of the Whole voted to move a developer’s request to transfer existing housing tax increment financing (TIF) notes for three apartment buildings to the full council for consideration on Monday.
What was requested: Sam Herzog of Herzog Property Management asked the council to permit transfer of existing TIF notes that remain on three buildings originally developed under a prior TIF agreement. Herzog said the original developer fulfilled the stated obligations to construct the housing and that the purchaser (Herzog’s group) would continue to meet the…
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